All employees must be insured against accidents. It is also compulsory for everyone living in Switzerland to have health insurance. Provisions for old age (old age and survivors insurance, company pensions) are paid jointly by employers and employees. These two types of pension are called the first and second pillars. Premium payments are shared by employers and employees. To maintain living standards in their old age, employees and the self-employed can save in a “third pillar” account at reduced tax rates. Only employees pay in privately to third pillar savings accounts.
