Swiss voters have rejected moves to curb executive pay.
Amid anger over income inequality, they were asked if bosses’ salaries should be capped at 12 times that of their lowest-paid employee.
But the government and industry leaders warned the measure could harm the country’s economy and deter foreign investment.
And voters look to have shared those fears, saying a firm ‘no’ to the proposal, put forward by Switzerland’s Young Socialists. They had gathered the 100,000 signatures needed to force a nationwide vote under the Swiss system of direct democracy.
Despite its high standard of living, Switzerland has become increasingly uncomfortable as executives’ wages soar while those of low-skilled workers lag.
In March, a referendum overwhelmingly backed moves to rein in golden handshakes but this latest proposition looks to have been a step too far.
