September 19, 2022

All of us have heard the phrase ‘Time is Cash’, proper? It’s broadly stated to suggest the significance of time in our life, by equating it to cash. 

However it looks like one nation has taken a step additional in really making use of this idea significantly. 

It’s Switzerland. Swiss nationals can really ‘save and deposit’ their time in banks, and even alternate it for desired items and companies! Sounds loopy? However it’s certainly true.

Right here Comes The ‘Time Financial institution’

The Swiss Ministry of Well being created the ‘Time Financial institution’ idea as an old-age help programme, below which, folks can volunteer to take care of the aged who require help, after which, the variety of hours they spend with or caring for seniors will get deposited of their particular person social safety account.

switzerland time bank

Finally, when the volunteer reaches that previous age when she or he requires assist, this ‘Time Financial institution’ can assist them, apart from being sorted by a volunteer as nicely.

What Is The Scheme? How Does It Work?

Mainly, Time Financial institution is a barter system that enables folks to “deposit” and “withdraw” their time, based mostly on their talents and desires.

The time-based companies which you’ll present to the needy, embrace consultations, babysitting, hairdressing, gardening, tutoring, or some other time-consuming job.

The time financial institution tracks the period of time spent on offering the service. And when time-based models get collected within the financial institution, they can be utilized to purchase time-based companies from different folks. 

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switzerland time bank

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Which Nations Have Time Banks?

Surprisingly, this is not a brand new idea for the world. 

In addition to Switzerland, round 34 nations have already stepped up and begun making use of this idea, together with the UK which already adopted the ‘time financial institution’ plan that commenced within the 12 months 2000, and the USA, Japan, New Zealand, Spain, Greece and so forth too being amongst the nations who’ve adopted this method. Singapore is also contemplating doing likewise. 

Additionally Learn: Switzerland Amongst Most Profitable Tax Havens In The World

India’s ‘Time Financial institution’

Do you know there is a Time Financial institution in India as nicely?

In 2018, a panel of the Nationwide Human Rights Fee had even advisable that India undertake the “time financial institution” scheme. Publish that, Madhya Pradesh reportedly turned India’s first state to open the ‘time financial institution’ in 2019, and even not too long ago acquired 500 new members as nicely in 2021!

Actually, the imaginative and prescient behind this idea is each easy and noble and lends that a lot wanted serving to hand to folks of their previous age. However it stays to be seen how far this may go and the way a lot participation it will get from the residents.

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