Swiss vote on introducing highest minimum wage in the world

|By:, SA News Editor

The Swiss are going to the polls today to vote on whether to approve a minimum wage of 22 francs ($25) an hour, which would be the highest in the world.

The measure would affect the one-in-ten workers who earn below the 4,000 francs that the initiative stipulates.

Businesses are against the union-backed proposal, saying it would force more people into part-time jobs and increase Switzerland's 3.2% unemployment rate. Polls show 64% of voters are against the initiative.

Still, major corporations that could be affected include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).

The referendum is the latest nationwide ballot relating to business. In March last year, voters authorized giving shareholders more say over executive pay but rejected a measure in November to cap management salaries.

The Swiss are also voting today over whether to spend 3.1B francs on 22 new Saab (SAABF) fighter jets.

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