Switzerland: PostFinance Increases Interest Rate on Retirement Savings Account

The Swiss National Bank (SNB) announced today that it is not currently making any changes to the policy rate.

However, PostFinance is continuing to “enable its customers to participate in the positive interest rate environment and is increasing the interest rate on the retirement savings account 3a.”

As of 1 October 2023, PostFinance will increase “the interest rate on the retirement savings accoun 3a by 0.10 percent:”

PostFinance customers will automatically “benefit from the higher interest rate from 1 October 2023; they do not have to do anything.”

The last time PostFinance increased interest rates “was on 1 August 2023.” PostFinance monitors developments on “an ongoing basis.” In the event of further modifications, PostFinance “will provide information in due time.”

In another update, it was noted that Swiss Post has “performed very well in a survey on equal pay for women and men.”

The latest salary analysis shows “that the percentage value of the unexplained salary gap is well below the 5 percent tolerance threshold accepted by the Confederation across all units.”

The company regularly “reviews salary differences.”

Swiss Post is consistently “committed to equal pay.”

The company aims to “pay equal salaries for work of equal value, regardless of the employees’ gender.”

The latest salary analysis shows “that this commitment is paying off, with good to very good scores achieved across all units.” They have low unexplained salary differences “between women and men, all of which are below the Confederation’s tolerance threshold of 5 percent.”

Valérie Schelker, Head of Human Resources, said:

“I’m personally very pleased with the results. But we aren’t satisfied yet: we want to improve even more in the future and eliminate the remaining unexplained salary differences as far as possible.” 

Equal pay almost achieved for around half of all employees

Swiss Post has analysed “its ten largest subsidiaries in Switzerland. Swiss Post has largely eliminated the unexplained salary differences at Logistics Services (“Post CH Ltd”) and PostBus (“PostBus Ltd”).”

The unexplained difference is “a very small 0.3 percent.”

This means that equal pay is now “virtually a reality for around half of the Group’s 47,000 employees.” The biggest discrepancy is in “the key functions (Swiss Post Ltd), with a difference of 3.5 percent.”

The latest results are “not fully comparable with the last audited figures from 2020 due to the reorganization of the company at the beginning of 2021.”

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