Switzerland’s ‘Time Bank’ lets citizens save time for future care – Here’s how

Switzerland has introduced an innovative solution to tackle the challenges of an ageing population: the ‘Time Bank’ system. This initiative allows individuals to ‘deposit’ time by providing care for the elderly, which they can later ‘withdraw’ when they require assistance themselves.

How Does the ‘Time Bank’ Work?

Launched by the Swiss Federal Social Insurance Office (FSIO) and the municipal government of St. Gallen, the ‘Time Bank’ operates on a simple yet effective principle. Volunteers offer their time to assist elderly individuals in need, engaging in tasks such as:

Companionship and emotional support

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Household chores and cooking

Running errands, such as grocery shopping

The hours they contribute are recorded in their personal accounts within the social security system. Later in life, these volunteers can ‘withdraw’ their accumulated hours to receive similar care when they themselves require assistance.

Benefits of the System

The ‘Time Bank’ offers multiple advantages, including:

Growing Popularity and Global Interest

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