Editor's Insight: Swiss slap down unions' push for minimum pay rate
Swiss voters have rejected a trade union bid to establish a minimum wage in one of the world’s richest countries.
The weekend referendum under Switzerland’s direct democracy system proposed an hourly rate of 22 francs ($28.40) or 4000 francs a month ($5189 a month or $62,300 a year).
The initiative was opposed by an overwhelming 76.3% of voters. The vote is consistent with other recent referendums pushed by the Left to increase paid holidays to six weeks and a plan limiting manager pay to 12 times a company’s least-paid employee.