Switzerland Applies 'Time Is Money' Concept, Allows Citizens To ' Save & Deposit Their Time' In Banks

We all have heard the phrase ¡®Time is Money¡¯, right? It is broadly said to signify the importance of time in our life, by equating it to money.

But it seems like one country has taken a step further in actually applying this concept seriously.

It¡¯s Switzerland. Swiss nationals can actually ¡®save and deposit¡¯ their time in banks, and even exchange it for desired goods and services! Sounds crazy? But it is indeed true.

Here Comes The 'Time Bank'

The Swiss Ministry of Health created the ¡®Time Bank¡¯ concept as an old-age assistance programme, under which, people can volunteer to look after the elderly who require assistance, and then, the number of hours they spend with or caring for seniors gets deposited in their individual social security account.

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Eventually, when the volunteer reaches that old age when he or she requires support, this ¡®Time Bank¡¯ can help them, besides being looked after by a volunteer as well.

What Is The Scheme? How Does It Work?

Basically, Time Bank is a barter system that allows people to "deposit" and "withdraw" their time, based on their abilities and needs.

The time-based services which you can provide to the needy, include consultations, babysitting, hairdressing, gardening, tutoring, or any other time-consuming job.

The time bank tracks the amount of time spent on providing the service. And when time-based units get collected in the bank, they can be used to buy time-based services from other people.

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Which Countries Have Time Banks?

Surprisingly, this isn't a new concept for the world.

Besides Switzerland, around 34 countries have already stepped up and begun applying this concept, including the UK which already adopted the 'time bank' plan that commenced in the year 2000, and the USA, Japan, New Zealand, Spain, Greece etc too being amongst the countries who have adopted this system. Singapore also is considering doing likewise.

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India¡¯s ¡®Time Bank¡¯

Did you know there's a Time Bank in India as well?

In 2018, a panel of the National Human Rights Commission had even recommended that India adopt the "time bank" scheme. Post that, Madhya Pradesh reportedly became India¡¯s first state to open the ¡®time bank¡¯ in 2019, and even recently got 500 new members as well in 2021!

Certainly, the vision behind this concept is both simple and noble and lends that much needed helping hand to people in their old age. But it remains to be seen how far this can go and how much participation it gets from the citizens.

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