CEOs get a reprieveon November 26, 2013 @ 7:03 am (Updated: 1:03 pm - 11/26/13 )
It would have meant that the CEO of Nestle, the Swiss food conglomerate, whose lowest paid employees make $53,000 thousand dollars a year, would have seen his annual salary drop from $13.8 million to $636,000 - still a nice salary, but a pay cut of 95 percent.
But he can relax: that won't happen - the official results are in, and the pay cap lost with a "no" vote over 65 percent.
Even sympathetic Swiss executives wanted no part of the additional bureaucracy:
"In our company we have a 1-2-5 rule," explained on exec. "We prefer to invest in creating new products."
However, the Swiss are not entirely against controlling paychecks - last March voters easily passed a measure giving ordinary shareholders a say in what CEOs make - and activist Daniel Straub has managed to get another measure on the Swiss ballot, to raise the national minimum wage to about $2,800 a month.
"Imagine you were being born and society tells you 'Welcome, you will be cared for,' that's a whole different atmosphere," said Straub.
Of course the minimum wage in Switzerland is already about $2,400 a month, compared to a typical fast-food worker in the US who earns roughly $1,500 per month.
Plus the Swiss government already provides education expenses, retirement, 14 weeks paid parental leave. Plus I bet if you like your doctor you can keep your doctor - and all that delicious chocolate. Come to think of it, what in the world are the Swiss complaining about?
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