World

People in Switzerland can now deposit their time in banks as an old-age assistance program

The Swiss Ministry of Health has created a Time Bank program, wherein Swiss citizens can deposit their time into banks and in turn receive an equal amount of hours of assistance in return later in life.

Under the social security program, a person can volunteer their hours helping an elderly citizen, and then deposit those hours worked in a bank. Later in life, when the depositor needs assistance as an elderly citizen, they may take advantage of the hours they worked and receive hours of volunteer care themselves.

The Time Bank system is fairly simple in concept. One individual provides a time-based service to another individual on a volunteer basis, and the time is deposited in a bank to be used by the depositor for a later time-based service.

The Time Bank concept has been implemented in the United Kingdom, and Singapore is currently exploring using the system.

ARTICLE: LAURA SPIVAK

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: EXPATICA.COM

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Laura is a freelance writer out of Maryland and a mom of three. Her background is in political science and international relations, and she has been doing political writing and editing for 17 years. Laura has also written parenting pieces for the Today Show and is currently working on writing a collection of remarkable true stories about normal people. She writes for FBA because unbiased news is vital to unity, and readers deserve the facts free of opinion.

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