On Sunday, November 24, the Swiss people clearly rejected the 1:12 initiative, which requested that the ratio between the highest and lowest salary paid in a company didn’t exceed 1 to 12. 65.3 percent of the people who took part in the referendum voted against it. The proposal didn’t get a majority of votes in any district. The young Swiss socialists, who initiated the project, nevertheless rejoiced that the issue of managers’ pay was the center of a big public debate. Over the first 2014 quarter, there will be another referendum, this time on the introduction of statutory minimum wage. (Ref. 130736)
Swiss employers were relieved when the first estimates came out in the afternoon of Sunday, November 24. “People don’t want a diktat on pay. The idea was clearly rejected and it’s for the best,” declared Heinz Karrer, leader of the Economiesuisse employers’ confederation. Nearly two thirds of Swiss citizens rejected, via a popular vote, the 1:12 initiative on legally monitoring pay in businesses. The idea was to impose a statutory obligation for businesses to limit the pay gap within the co
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