In a decisive vote, the proposed reform of Switzerland's occupational pension system (BVG) was rejected by 67.1% of voters.

The reform aimed to adjust the minimum conversion rate from 6.8% to 6.0%, a move intended to address the imbalance in pension distribution between younger and older generations.

However, the proposal faced opposition from various groups, including those concerned about increased payroll deductions and the perceived unfairness of the reform's benefits distribution.

Critics argued that the reform would have increased hidden subsidies from younger to older workers, contrary to its original goal of reducing such imbalances.

The rejection marks the third failed attempt to reform the BVG since 2010, highlighting the challenges in achieving consensus on pension adjustments in Switzerland.

Despite the setback, the need for reform in the pension system remains a pressing issue, as emphasized by economic and political leaders.