Monday, November 25, 2013

The repugnance of high salaries: Switzerland

Swiss Voters Reject High-Pay Initiative

Seems like there is something something to study about the repugnance of high pay,... Though in the end the swiss didn't vote in favor of curtailing it...

"ZURICH—Swiss voters overwhelmingly rejected an initiative that would have restricted executive salaries to 12 times that of the lowest-paid employee.

Roughly 65% of Swiss voters Sunday opposed the 1:12 Initiative for Fair Pay, according to results from all of the country's 26 cantons reported by Swiss television. Another 34% supported the proposal, which was named for the organizers' belief that no one in a Swiss company should earn more in a month than someone else makes in a year."

and this is disappointing

"The youth wing of the Social Democratic Party of Switzerland, which organized the initiative, said the country had missed an opportunity to curb executive pay that it sees as spiraling out of control.

"We're obviously disappointed at the result, but we were faced by opponents who ran a high-profile fear campaign," said David Roth, the president of the youth wing, which is known as Juso. "One positive from the campaign, however, is that the issue of fair pay and a fair economy has been placed in the public domain."

HT: Sandro Ambuehl had told me about this referendum

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