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Old 01.10.2011, 08:23
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Re: I've been EURO'd!

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So sorry to hear this.

I think the company just uses the EURO as an excuse. Isn't it tied at around 1.20 to the CHF?

What a shameful company.

I really hope you will find something better.
The company probably budget an exchange rate nearer 1.50.
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  #42  
Old 01.10.2011, 11:17
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Re: I've been EURO'd!

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The company probably budget an exchange rate nearer 1.50.

All depends on the kind of business in question. For example, a lot of noise is done about Swiss going shopping in Germany. But Swiss went shopping in Germany already in the 1920ies and then again in the 1950ies and 60ies, so that this is not new. Right now however, the Swiss retail-business in a "border-zone" of some 70 kms (which includes Geneva, Basel, Zürich, St. Gallen) lost many of its German clientele.

The other way round hits as well. If a company, like SR Technics, makes its sales in € and US$, its incomes back in CH are down quite heavily.

While the "merchandise-value" of the € may be around 1.45, to achieve an exchange-rate of 1.30 or 1.35 will be extremely ambitious and very difficult. The rate of CHF 1.20 was chosen as it is possibly the highest maintainable rate achievable,

And of course, just as an example, SR Technics has been "burning" money for years.

And nobody really knows what will happen with the UBS. I hope, those in charge do not wait until it is too late, but rather sell the company when it is still possible. Another "grounding" can hardly be the way !
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  #43  
Old 01.10.2011, 11:47
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Re: I've been EURO'd!

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The company probably budget an exchange rate nearer 1.50.
Yes. I'm in biotech and as a small start-up we have no products to sell. Most income is from EU grants that run for a few years. So if you figure that grants run for a few years and that you write the grant and budget for your needs up to a year before the grant starts you can see how much is "lost" by comparing today's rates with those of 2-3 years ago. A year ago it was 1.34, two years ago 1.52 and three years ago 1.57.

It is also hitting universities as well, as they also have the same sort of grant cycles and also have significant EU funding.
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Old 01.10.2011, 12:05
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Re: I've been EURO'd!

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Just a bit of an update......

I will be going ahead and moving into the new apartment. As part of my relocation the company was going to give me an interest free loan for my deposit, and they were still willing to do that. If I need to leave it I will give the 3 months notice and find a tenant. My initial contract is actually 6-months so I can leave at the end of March without having to find a replacement.

In addition, the company have said they would like to retain me on 20%, which should not affect my RAV (apart from RAV paying me 80% of 80%), and will keep my accident insurance up-to-date. It is the company's intention to return me to 100% if they solve the financial problems before I find another job. But I have been looking and have applied for a few jobs already, as well as contacting some of the recruiters I have connections with. I've filled in the form to request the E301 form but haven't contacted RAV yet as I move on Monday and I won't be in Zurich city so I thought it best to wait until I am in the city that will be handling my case.

So things could be worse. I've actually enjoyed looking at jobs and have seen a few that are really interesting. The challenging thing is explaining why I'm looking for a job so soon after starting this one in a cover letter or on-line application form.

Thanks for all your comments and support. It's made the world of difference, especially being somewhere where I know so few people.
Good to hear you are moving in a better direction. I was unemployed for just under 2 months 10 years ago myself but managed to find something relatively quickly. Hope you can keep positive. A lot of smaller companies are cutting back these days.

Please keep us posted on your progress.
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