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Switzerland’s ‘Time Bank’ lets citizens save time for future care – Here’s how
Switzerland’s ‘Time Bank’ lets citizens save time for future care – Here’s how
Pulse Ghana
published: Mar 19, 2025
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
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:
