News: Switzerland pushes for minimum wage of $25 per hour

Compensation & Benefits

Switzerland pushes for minimum wage of $25 per hour

The Swiss will vote in a national referendum on May 18 on whether to create a minimum wage of 22 francs ($25) per hour, or 4,000 francs a month. While about 90 per cent of workers in Switzerland already earn more than that, employers say setting Switzerland's first national wage floor would push up salaries throughout the economy. When adjusted for currency and purchasing power, it would be the highest minimum in the world. The chief backers of the proposal are Switzerland's biggest trade unions, which argue that pay levels need to reflect the country's prices — among world's highest.

The Swiss will vote in a national referendum on May 18 on whether to create a minimum wage of 22 francs ($25) per hour, or 4,000 francs a month. While about 90 per cent of workers in Switzerland already earn more than that, employers say setting Switzerland's first national wage floor would push up salaries throughout the economy. When adjusted for currency and purchasing power, it would be the highest minimum in the world. The chief backers of the proposal are Switzerland's biggest trade unions, which argue that pay levels need to reflect the country's prices — among world's highest.

Read the Economic Times news report here.

Read full story

Topics: Compensation & Benefits, #Current, #International, #TotalRewards

Did you find this story helpful?

Author

QUICK POLL

What are the top work tech investment focus areas for your company currently?

2 months free subscription
q_auto,f_auto/v1631079279/mag-september-2021.png

Subscribe to all new People Matters HR Magazine

.

Subscribe
And Save 59% plus Two months free

Subscribe now

How are you leading your company through The Great Resignation?

READ September 2021 issue of our magazine to learn how to win the war for talent.