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Switzerland: PostFinance Raises Interest Rate on Retirement Savings Account

Swiss National Bank Maintains Policy Rate, PostFinance Increases Interest Rate on Retirement Savings Account 3a

The Swiss National Bank (SNB) has announced that it will not be making any changes to the policy rate at the moment. However, PostFinance, a financial institution, is taking steps to ensure its customers benefit from the positive interest rate environment by increasing the interest rate on the retirement savings account 3a.

Starting from 1 October 2023, PostFinance will raise the interest rate on the retirement savings account 3a by 0.10 percent. Customers will automatically enjoy the higher interest rate without needing to take any action. This marks the second time this year that PostFinance has increased interest rates, with the last adjustment made on 1 August 2023. The company continuously monitors market developments and will provide further updates if necessary.

In other news, Swiss Post has received positive feedback regarding its efforts to ensure equal pay for women and men. A recent salary analysis indicates that the unexplained salary gap is well below the 5 percent tolerance threshold set by the Confederation, affirming Swiss Post’s dedication to pay equality.

The company regularly reviews salary differences and strives to provide equal compensation for work of equal value, irrespective of gender. The latest analysis demonstrates the success of these efforts, as all units within the company have achieved good to very good scores with low unexplained salary gaps between men and women. These differences are all under the Confederation’s tolerance threshold of 5 percent.

Valérie Schelker, Head of Human Resources at Swiss Post, expressed satisfaction with the results, but emphasized the company’s commitment to further improvement and the elimination of remaining unexplained salary differences.

Swiss Post’s analysis focused on its ten largest subsidiaries in Switzerland, revealing that the unexplained salary differences at Logistics Services (“Post CH Ltd”) and PostBus (“PostBus Ltd”) are minimal at 0.3 percent. This means that equal pay is now nearly a reality for approximately half of the company’s 47,000 employees. The largest disparity exists in the key functions of Swiss Post Ltd, with a difference of 3.5 percent.

It’s important to note that the latest results are not directly comparable to the audited figures from 2020 due to the company’s reorganization at the beginning of 2021.

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