Sunday, May 18, 2014

Minimum Wage Limit Found in Switzerland

Switzerland voters today appear to have voted down a minimum wage around $25 an hour. However, the vote estimates, with about one third of voters voting in favor, suggest that this kind of minimum wage is probably on its way within a generation. Reactions suggest that $25 an hour, which is well below the median in Switzerland, is consistent with views of the social contract — that is, most people agree that employers mostly should try to pay at least this much for a normal job. The proposed minimum, though, was probably seen as too far beyond cultural expectations and the practices of neighboring countries.