$4,400 — Switzerland to Establish the Highest Minimum Wage in the World

In an amazingly predicable move for a Trade Union, and an amazingly job destroying move, the Swiss Federation of Trade Union has obtained enough signatures to obtain a referendum on whether or not the country should have a minimum wage, and not a small one, the highest in the world: $4,400 USD/month.

Let's hope that the Swiss people will have the brains to push back on this one, as the businesses in the country already have to fight the stupidest Central Bank in the world, after the Japanese one, so this one might be the final blow to the Swiss economy.
(Staffing Industry) The Swiss Federation of Trade Unions (SGB) claims that it has secured sufficient signatures under the Swiss constitution to require the holding of a referendum on the establishment of a national minimum wage, the Federation of European Employers (Fedee) reports. 
The proposal for a monthly wage of 4,000 Swiss Francs (3,250.43 Euro) is based on a 42-hour work week. This will be equivalent to an hourly rate of 21.98 Francs (17.86 Euro). 
Earlier this year, the Swiss Union for Employment Services (Swissstaffing) expressed concern about the nationwide introduction of a minimum wage. Swissstaffing commented "statistical analysis proves that a nationally binding minimum wage is not an appropriate means against poverty. A nationally binding minimum wage across all industry sectors constitutes an interference with the forces of the free market, which can have far-reaching, unintended and counter-productive consequences.
"The regional and sector-by-sector differences in pay are far too great to introduce a minimum wage, which can do justice to all and it is most likely that it would increase unemployment." Fedee called the level of minimum wage the unions are demanding "a rate that would destabilise and possibly destroy the Swiss economy".
H/T to my friend blbl for sending me a link about this. 

1 comment:

Tiho said...

The whole Europe is making terrible terrible mistakes. I guess you are at least half smart to move to Asia Pacific region, where the future of the global economy will flourish for decades, especially after the Chinese property downturn!