Switzerland revises pension expenditure downwards by billions

Following a miscalculation, the Swiss government has corrected downwards the projected expenditure on old-age and survivor insurance (OASI) in 2033 by CHF2.5 billion ($2.66 billion). It had initially projected it would CHF4 billion less. According to the latest forecast for 2033, the old-age pension scheme will cost CHF69 billion. The Federal Social Insurance Office (FSIO) acknowledged the two calculation errors in the old-age pension financial outlook in August. They had led to implausibly high pension expenditures in the longer-term forecasts. + Fiasco for democracy? Switzerland miscalculates by billions In the latest financial outlook, the FSIO is now assuming a downward correction of CHF2.5 billion, it revealed on Monday. Originally, it had assumed around CHF4 billion or a deviation of 6%. In Monday's forecast, the FSIO is expecting a deviation of 3.6% and thus a real reduction in pension expenditure of CHF2.5 billion. It now puts this at CHF69 billion for 2033. The data was ...