- 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 (NYSE:UBS), Credit Suisse (NYSE:CS), Roche (OTCQX:RHHBY), Novartis (NYSE:NVS), ABB (NYSE:ABB), Glencore Xstrata (OTCPK:GLCNF) and Nestle (OTCPK: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 (OTCPK:SAABF) fighter jets.
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