If the Swiss approve a maximum pay referendum, low wage earners will see their paychecks doubled, tripled or even more
In the U.S., the current federal minimum wage is $7.25 per hour. If a minimum wage worker is employed full-time - forty hours per week for 52 weeks -, that worker would earn $15,080 annually. If a law like the one to be voted on in Switzerland were to be applied in this country, a company employing minimum wage workers could not pay its CEO more than $180,960 per year.
Washington has the highest minimum wage of any state - $9.19 per hour. That means the CEO of a Washington company employing minimum wage workers could earn no more than $229.382 per year under the proposed Swiss system.
San Francisco has a minimum wage of $10.55 per hour. Under the proposed Swiss system, the CEO of a San Francisco company employing minimum wage workers could earn no more than $263,328 per year.
Under such a maximum pay system, low wage workers will see their paychecks doubled, tripled or even more from what they earn now. Then there would be absolutely no need for any minimum wage laws.
SWITZERLAND STEPS CLOSER TO BRINGING IN LAW THAT WILL BAN COMPANY BOSSES FROM EARNING MORE THAN 12 TIMES WHAT THEIR LOWEST EARNER IS PAID
Latest polls show yes and no vote tied at 44 per cent
By Chris Pleasance
Mail Online
October 25, 2013
The Swiss public could be about to back a law which would stop company bosses earning more than 12 times more than their lowest paid employee.
Campaigners from Young Socialists Switzerland, a youth arm of the Swiss Socialist Party, are now 'pulling out all the stops' to ensure a win when the country votes on the proposed law on November 24.
The latest opinion polls, published yesterday, showed support for and against tied on 44 per cent after earlier polls predicted defeat for those pledging to vote for the law in the referendum.
As part of the campaign, the left-wing activists have launched a 'fat cat of the week' competition on their facebook page, targetting UBS' CEO Andrea Orcel, whose pay is 194 times higher than the lowest paid employee, they claim.
He also received a $29million (£17.9million) payment when he joined the investment bank in 2012, though Switzerland has already passed a law forbidding these so-called 'golden handshakes'.
The new move, which is fiercely opposed by the Swiss banking sector, had been expected to fail after being criticised by both right-wing and centre politicians.
However the recent polls have given hope to activists who have begun projecting campaign material onto banking buildings, and are organising a rally for November 2.
David Roth, head of the youth group, said: 'It’s better than previous polls which only gave 35 percent in favour, but it could still vary between 10 or 15 per cent for each side.'
That means campaigners still have their work cut out to ensure it passes, he added.
Switzerland hosts two referendums a year by postal vote, which form the cornerstone of Swiss democracy.
Earlier this month a petition signed by 120,000 people called on the Swiss government to ensure a minimum income of $2,800 (£1,700) per month for every worker in the country.
The petition was backed by enough people to force a vote on the issue in parliament, though no date has yet been set.
5 comments:
That is indeed an interesting concept. I am not sure how WORKABLE it would be, and I have serious doubts it would be legal or workable here, but there is not here.
NOT government's job. Want to have low income folks make more money, have them EARN IT. The entitlement mindest is what got us into this mess. People USED to look at the CEO and say "look at the opportunities afforded Americans" in the land of opportunity. Now, they feel entitled.
It's none of your dang business what he makes. If you wanna make more, EARN IT!!!!
I hope Howie agrees.
Mark, one of my friends remarked that if the law passes, Swiss companies will just relocate to other countries and the Swiss workers will be out of a job.
Now you are just being a spoil sport Howie.
I'm pretty sure we've seen something similar. The only thing we learn from history is that we fail to learn from history.
It is a GLOBAL economy. Technology has changed the world.
Look at Texas compared to other states. We're kicking their butts. And don't a single lib try and throw out our education system as proof of failure. If you remove the ILLEGAL ALIEN population, we're tops in the nation in as much as one can now MEASURE education without hurting some stupid kid's feelings. Our Cost Of Living is one of the lowest. People are moving here in droves, fleeing the blue states.
NOT GOVERNMENT'S JOB.
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