Europe

Switzerland vetoed world’s highest minimum wage

Written by - Reviewed by Glozine Team

Published: May 20, 2014 | Last Updated: May 20, 2014

Most rank and file workers all over the world are fighting for a higher minimum wage; this is true for third world countries and even in highly developed countries like the US.

Meanwhile, in Switzerland, voters rejected an attempt to set the highest minimum wage in the world. The new wage was voted on a referendum, according to the USA Today.

76.3 percent of the people who answered a survey did not approve the move to raise the minimum wage to 22 Swiss Francs (£14.66, $24.67) an hour. This amount is $10 more than the present highest minimum wage in the world.

The country’s Trade unions, Green parties, and Socialists backed the move to raise the minimum wage. However, the Swiss Government and employers did not support the move because they claim that a higher minimum wage would make the country uncompetitive and lead to a higher unemployment rate.

If the referendum was approved, Swiss workers would have a minimum wage that is more than twice Britain’s £6.31 an hour, and over trice USA’s $7.25.

According to Trade union campaigner, the minimum wage increase would lower the paid workerscope, especially with Switzerland’s high cost of living.

Switzerland’s economics minister Johann Scneider-Ammann said the alternative would mean more people will lose their jobs.

Swiss employers on the other hand said that they are not defending low pay, but they just want the wages to be flexible and realistic.

This is the third time that voters rejected a move to set the minimum wage in Switzerland. But last year, voters tried to curb the pay packages of top managers of companies.

The country does not have a set minimum wage law. They use collective bargaining and contracts to set the wages. . 90 percent of the 8 million people in Switzerland are paid more than $25, which means the move for the world’s highest minimum wage wouldn’t have such a significant impact to the country.

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