Will Swiss Life really cut 600 jobs now?

No. The company has announced that it wants to achieve a reduction of about 600 seats by 2028, mainly using the natural replacement of personnel. To date, around 100 positions have been reduced through targeted recruitment, with a further 100 expected to follow by the end of 2026. The process is gradual and distributed over time.

What does' natural staff turnover 'mean?

It means that the reduction will mainly take place when employees retire or leave the company spontaneously. Their positions will not be recreated or will be merged into different roles. It is a more gradual and less traumatic approach than immediate collective redundancies, as it allows the company to reduce the workforce by distributing the change over time.

Which Swiss Life divisions are most affected?

The reduction affects both Swiss Life Switzerland and Swiss Life Asset Managers, with a predominant impact on foreign activities. The source does not provide specific details on which business functions (front-office, back-office, administration) will be most involved.

If I am a Swiss Life employee, what should I do?

First, check your collective bargaining agreement to understand your rights in the event of a reduction for economic reasons. Contact the company's human resources for clarification on your specific situation. If necessary, register with the regional employment office (SECO/ure) to receive free public support in finding new jobs.

Why is Swiss Life cutting staff?

According to the company, the reduction is motivated by the need to ensure profitable expansion beyond 2027 and to increase operational efficiency through progressive digitalization. Automation and digital systems will enable similar workloads to be managed with fewer employees, aligning with the ongoing transformations in the Swiss insurance industry.

Swiss Life cuts 600 posts by 2028

By Redazione Frontaliere Ticino (AI-generated text) · Published on 1 September 2026

Swiss modern office with digital displays and financial charts representing corporate restructuring.

Swiss insurance company reduces headcount through natural replacement. 200 reductions already started, another 100 by the end of 2026. Impact on the labor market.

Context

In brief

Swiss Life plans to cut around 600 jobs by 2028
Swiss Life Switzerland and Asset Managers, mainly foreign
200 reductions already started: 100 completed, another 100 by the end of 2026
Digitalization and natural turnover as the main tools

Key Facts

What: Organisational downsizing of Swiss Life
When: 2028 (final goal); 200 already reduced/scheduled by the end of 2026
Where: Swiss Life Switzerland and Asset Managers, with a focus on foreign countries
Who: Swiss Life Insurance Company
Current headcount: Approximately 11,000 employees
Method: Natural turnover and targeted selection in recruitment
Support: Career reorientation for affected employees

The Swiss Life insurance company has announced its intention to reduce the number of its employees by around 600 by 2028. The downsizing will affect both Swiss Life Switzerland and Swiss Life Asset Managers, with a major impact on foreign activities. The company, which currently has around 11,000 employees, has already started the reduction process.

The reduction process has already started

Thanks to targeted recruitment for vacant positions, around 100 jobs have already been reduced. A further 100 posts are expected to follow by the end of 2026, according to the timetable communicated by the company. The overall reduction of 600 posts is therefore a multi-year process, not an immediate cut.

A large part of the cuts will be made through "natural staff turnover", the main mechanism identified by Swiss Life. This approach makes it possible to reduce the workforce progressively, without resorting to mass collective redundancies.

Motivations and digitalization

Swiss Life justifies this decision with the need to ensure the "profitable expansion of the business beyond 2027 and the necessary increase in efficiency, also thanks to the opportunities offered by progressive digitization". Digital transformation is the strategic driver behind the downsizing plan.

Employees affected by the restructuring will be supported in their professional reorientation. The company has emphasized this aspect in official communications, implying that support for the employment transition will be a central element of the process.

Operational details

Why the Swiss insurance industry is changing

Swiss Life's decision reflects a broader transformation underway in the Swiss financial and insurance sector. Automation and digitalisation are transforming the way companies manage operations, reducing the demand for staff dedicated to back-office activities and administrative processes. Swiss Life, like other large insurance companies, is having to adapt its organisational structure to remain competitive.

The "progressive digitalisation" mentioned by Swiss Life includes:

Automation of data processing and document management
Implementation of artificial intelligence systems for risk assessment and pricing
Shift of services to self-service digital platforms for customers
Consolidation of service centers towards more efficient economies of scale

These transformations make it possible to maintain or increase the volumes of work managed with a smaller number of employees, hence the need to downsize the workforce.

How natural turnover works

Natural turnover is a strategy to contain the employment impact that differs from traditional collective redundancies. When an employee retires, spontaneously leaves the company for other opportunities, or ends a temporary contract, the role is not automatically recreated. Instead, responsibilities are redistributed, merged, or automated.

This method enables Swiss Life to:

Achieve the numerical reduction targets gradually (in the case of Swiss Life, distributed until 2028)
Avoid individual dismissal procedures for economic reasons
Maintain a more stable organizational climate
Give departments time to reorganize and train the remaining staff

"Targeted recruitment for vacant positions" is the complementary lever: not all vacant positions are recreated, but only those that are strategic for the company's future plan.

Implications for the national labour market

For the Swiss labour market, Swiss Life's plan represents a reduction in the demand for employment in the insurance sector. However, the impact is mitigated by the fact that the process is spread over time until 2028, not concentrated, and will take place "mainly abroad", limiting the impact on jobs in Switzerland. Affected employees will be able to access public employment services at aziende che assumono nel settore assicurativo and receive support in finding new jobs, both by the company and by public institutions.

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Key points

If you are a Swiss Life employee: what to do

If you are a Swiss Life employee and believe that your position could be affected by the downsizing plan, there are concrete steps you can take to protect your interests and prepare for possible scenarios.

First, consider how your position fits into the context of the communicated plan. The natural turnover will mainly concern retirements and spontaneous exits. If you are close to retirement age according to the AHV criteria (currently 65 for men, 64 for women in transition), you could be a natural candidate for incentivized retirement offers.

Check your contractual rights

Immediately consult your collective employment agreement (CEA) with Swiss Life, which must contain specific clauses on:

Minimum notice and deadlines for dismissals for economic reasons
Entitlement to severance pay (minimum guaranteed amount)
Support in finding new employment provided by the company
Employment protection period after official notification of downsizing

Most CEAs in the Swiss insurance industry include protections that require the company to communicate in advance and offer support to affected employees. These guarantees are negotiated by trade unions and vary in detail depending on the specific contract.

Access to public employment services

The State Secretariat for Economic Affairs (SECO) manages the regional employment offices (URE) in each canton. If you lose your job, registration with the URE is essential:

Services are completely free of charge
You will receive personalized advice for the search for new work
You will have access to the banca dati di offerte di lavoro svizzere
If eligible, you will be able to claim unemployment benefits (AADI/ALV), which replaces part of your lost salary

Developing digital skills

Digitalisation is the driver of Swiss Life's decline. Digital skills (data analysis, CRM software management, process automation, basic cybersecurity) will be increasingly valuable in the Swiss insurance market.

If your position is exposed to the risk of automation, consider to:

Take short courses to acquire digital skills
Obtain certifications in your specialist field
Assess the current market wage for your position by consulting salary averages for your industry
Analyze the cost of living to plan a possible transition consultando i costi della vita in Svizzera

Stay informed

Follow Swiss Life's official press releases to employees. The company should continue to provide updates on the specific timing of the plan's implementation. If you would like to explore new opportunità di lavoro nel mercato svizzeros, check out the Frontaliere Ticino newsletter for the best job announcements and trends in Switzerland.

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Source: rsi.ch

Frequently Asked Questions

Will Swiss Life really cut 600 jobs now?: No. The company has announced that it wants to achieve a reduction of about 600 seats by 2028, mainly using the natural replacement of personnel. To date, around 100 positions have been reduced through targeted recruitment, with a further 100 expected to follow by the end of 2026. The process is gradual and distributed over time.
What does' natural staff turnover 'mean?: It means that the reduction will mainly take place when employees retire or leave the company spontaneously. Their positions will not be recreated or will be merged into different roles. It is a more gradual and less traumatic approach than immediate collective redundancies, as it allows the company to reduce the workforce by distributing the change over time.
Which Swiss Life divisions are most affected?: The reduction affects both Swiss Life Switzerland and Swiss Life Asset Managers, with a predominant impact on foreign activities. The source does not provide specific details on which business functions (front-office, back-office, administration) will be most involved.
If I am a Swiss Life employee, what should I do?: First, check your collective bargaining agreement to understand your rights in the event of a reduction for economic reasons. Contact the company's human resources for clarification on your specific situation. If necessary, register with the regional employment office (SECO/ure) to receive free public support in finding new jobs.
Why is Swiss Life cutting staff?: According to the company, the reduction is motivated by the need to ensure profitable expansion beyond 2027 and to increase operational efficiency through progressive digitalization. Automation and digital systems will enable similar workloads to be managed with fewer employees, aligning with the ongoing transformations in the Swiss insurance industry.