Switzerland rejected a new minimum wage bid.

Switzerland rejected a new minimum wage bid.

A proposed 22-franc ($25)-per-hour minimum wage was rejected in the Swiss parliament—if it were accepted it would have been the highest minimum wage in the world. Nine in 10 Swiss employees already earn over that level.

With income inequality growing among developed economies, minimum wages are on the table in other countries as well. In the U.K., Prime Minister David Cameron has increased it to 6.5 pounds ($10.9) per hour, while in the U.S., President Barack Obama is pushing for an increase in the $7.25-an-hour federal minimum to $10.1. In Germany, Chancellor Angela Merkel’s cabinet backed a national minimum of 8.50 euros.

Rejection of the Swiss measure, which called for a full-time worker to be paid at least 4,000 francs a month, breaks with a series of plebiscites — including ones on excessive executive compensation and immigration — that companies said make Switzerland a less desirable place to do business.

http://www.bloomberg.com/news/2014-05-18/swiss-reject-world-s-highest-minimum-wage-srf-projection-shows.html

 

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