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Swiss vote no to capping bosses' pay at 12 times lowest paid | |
(about 2 hours later) | |
Swiss voters have rejected a proposal that would have limited executive pay to 12 times that of the lowest paid. | |
The referendum saw 65.3% vote against the plan with 34.7% in favour. | |
The country is home to a range of giant businesses, including pharmaceutical companies Novartis and Roche, the insurance groups Zurich and Swiss Re and the banks UBS and Credit Suisse. | |
The rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries. | |
Business leaders said that would limit foreign investment and the government was also opposed to the proposal. | |
The Young Socialists, who proposed the measure, admitted defeat. | |
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 | 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 has 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. | 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. |