Swiss reject highest minimum wage in the world

|By:, SA News Editor

Swiss voters have overwhelmingly rejected a proposal to institute a minimum wage of 22 Swiss francs ($25) an hour, which would have been the highest in the world. Over 76% of voters cast a "no" ballot.

"It's a strong sign to Switzerland as a center of employment," Economy Minister Johann Schneider-Ammann said. "Accepting the initiative would have led to job cuts in economically weak, rural areas."

Major corporations that could have been affected by a "Yes" vote include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).

Switzerland's SMI index is -0.8%, while the USD-CHF is -0.1% at 0.8914 francs.

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