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Swiss voting no to capping bosses' pay at 12 times poorest paid | Swiss voting no to capping bosses' pay at 12 times poorest paid |
(about 2 hours later) | |
Early results suggest Swiss voters are saying "no" to a proposal to bring in a law that would limit executive pay to 12 times that of the lowest paid. | Early results suggest Swiss voters are saying "no" to a proposal to bring in a law that would limit executive pay to 12 times that of the lowest paid. |
Our correspondent in the country says the big business cantons, Zurich and St Gallen, are showing clear majorities against. | Our correspondent in the country says the big business cantons, Zurich and St Gallen, are showing clear majorities against. |
There are many more votes still to count, but it is clear the initiative cannot pass now. | There are many more votes still to count, but it is clear the initiative cannot pass now. |
The Young Socialists, who proposed it, have admitted defeat. | The Young Socialists, who proposed it, have admitted defeat. |
The new rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries - which business leaders said would limit foreign investment. | The new rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries - which business leaders said would limit foreign investment. |
The government was also opposed to the move. | The government was also opposed to the move. |
It is the second time this year that Swiss voters have been balloted on the issue. | It is the second time this year that Swiss voters have been balloted on the issue. |
In March they did back strict limits on bonuses and golden handshakes. | In March they did back strict limits on bonuses and golden handshakes. |
Irritation | |
There has been widespread public anger at revelations that some of Switzerland's chief executives are earning more than 200 times what their employees take home. | There has been widespread public anger at revelations that some of Switzerland's chief executives are earning more than 200 times what their employees take home. |
Some Swiss have been further irritated that these high levels of pay are being given to executives whose firms have been cutting jobs. | Some Swiss have been further irritated that these high levels of pay are being given to executives whose firms have been cutting jobs. |
Although this proposal may have been defeated, the issue of high salaries and a widening wage gap has not gone away. | |
Early next year, Switzerland will hold another referendum on a guaranteed minimum wage. | |
Switzerland's system of democracy means citizens can call nationwide votes on issues that concern them. | Switzerland's system of democracy means citizens can call nationwide votes on issues that concern them. |