Thursday, February 27, 2014

Swiss to vote on world's highest minimum wage...

A proposed minimum wage of 22 francs an hour ($24.80) would have a damaging effect on Switzerland's job market, says Swiss economics minister Johann Schneider-Ammann, as voters prepare to decide.

Schneider-Ammann launched a campaign on Tuesday objecting to the proposal, which will be put to Swiss voters in a referendum on May 18th. Switzerland does not currently have a national minimum wage.

If the plan is approved, Switzerland's lowest hourly salary will exceed that of current record holder Australia by more than ten US dollars. Australian workers are entitled to A$16.37 per hour ($14.67).

The UK's minimum hourly wage is £6.31 ($10.55), while Germany recently agreed a €8.50 ($11.69) minimum from 2017. The current US rate is $7.25.

 Speaking at a media conference reported by Reuters, Schneider-Ammann said: "The government is convinced it would be wrong for the state to impose a nationwide wage." Full story...

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