Switzerland, First Published Jan 6, 2022, 11:33 AM IST
Everyone knows that money can be deposited in a bank. But is it possible to deposit one’s time in a bank as well? If you are a Swiss national, you can. Haven’t you heard the adage that time is money? Switzerland tried to put into practice the idea that time is as important as money. In this way we can give the time we invest in the bank and get the required services in the future. Although it may sound unbelievable to hear, the incident is true.
At the same time the real twist is on how we earn this time and deposit it in the bank. The ‘Time Bank’ concept is a geriatric assistance scheme of the Swiss Ministry of Health. Those who are part of it should take care of the elderly who need help. Then, the more hours they spend with adults, the more time will be invested in their personal Social Security account. Eventually, as the investor gets older, this time bank will provide him with the help he needs. And he will be cared for by another volunteer as the investor did when he was young. That is, a type of give-and-take system.
People do jobs for the elderly such as maintenance, hairdressing, gardening and tutoring. Time Bank tracks how much time a person spends on services. Then, that much time is deposited in the bank. Later in life he can give this time and buy time-based services from other people. In addition to Switzerland, 34 countries, including the UK, USA, Japan, New Zealand, Spain and Greece, are currently working to implement the concept.
Did you know that there is a time bank in India as well? In 2018, a panel of the National Human Rights Commission recommended the implementation of the Time Bank project in India. Since then, in 2019, the country’s first time bank has opened in Madhya Pradesh. By 2021, they have added 500 new members.
Last Updated Jan 6, 2022, 11:33 AM IST
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