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Swiss vote on limiting top pay to 12 times that of lowest paid workers
The Swiss are to go to the polls to vote on limiting the pay of high-earners as a debate rages in the country about income, inequality and what fair pay really means.
Under the radical proposal, businesses would not be allowed to pay any member of staff more than 12 times the wage that they pay their lowest earners.
In practice, this means that in a company where the lowest-paid employee earns 4,000 CHF (Swiss francs) per month (€3,200), the highest-paid members of staff would be able to earn a maximum of 48,000 CHF (€38,000 per month).
The so-called 1:12 Initiative for Fair Pay, which will take place on 24 November, has had significant support from the electorate in opinion polls. The vote was proposed as part of a backlash over the perceived excesses of top executives during and in the wake of the financial crisis.
Source and full story: The Journal, 17 November 2013