St Gallen Elderly Care Bank ^{Governmental Organisation}

St Gallen is the first Swiss city to introduce a novel banking scheme in which retired care volunteers “deposit” hours worked looking after elderly people.

In return they can use any time saved up for their own care provision later in life. The St Gallen government hopes the pilot project will lower social service costs and encourage local solidarity as it copes with a steadily ageing population.

Although it is a voluntary project, it will not be cost free. The St Gallen authorities have proposed creating a foundation with a SFr150,000 annual budget to finance an internet site to allow volunteers to contact those needing help, as well as to cover administrative and training costs.

The money will also serve as a guarantee if the project fails, to compensate volunteers for any hours they have accumulated.