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Salamin leaves Swiss social security fund AVS

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SWITZERLAND - Dominique Salamin has left Switzerland’s 25 billion-Swiss franc (16.7 billion-euro) social security fund Assurance Vieillesse et Survivants, or AVS.

He has been succeeded as managing director by Eric Breval.

Salamin told IPE that he was in negotiations “to go somewhere new” but declined to elaborate. He left AVS, also known as Ausgleichsfonds der Alters und Hinterlassenversicherung, or AHV, at the end of last year.

The fund said in March that its 2003 profits amounted to 1.5 billion francs – an annual performance of 7.6%. Its portfolio allocation is 28% equities, 32% loans and Swiss bonds, 13% liquid assets, and five percent indirect real estate.

Employees and self-employed workers in Switzerland, including foreigners, living in the country are insured with AVS and are expected to pay contributions. The obligation to pay contributions ends when workers reach retirement age, 65 for men and 62 for women, and stop working.

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