Swiss vote no to capping bosses’ pay at 12 times lowest paid

Swiss voters rejected a proposal in a referendum on the 24 November 2013 that would have limited executive pay to 12 times that of the lowest paid.

The referendum saw 65.3% vote against the plan with 34.7% in favour.

Switzerland is home to a range of giant businesses, including pharmaceutical companies Novartis and Roche, the insurance groups Zurich and Swiss Re and the banks UBS and Credit Suisse.

The rules would have given Switzerland the world's toughest pay rules and some of the lowest executive salaries.

Business leaders said that would limit foreign investment and the government was also opposed to the proposal.

In a separate vote on the 24 November 2013 Swiss voters shunned a proposal to grant a tax break to families that look after their children at home. Currently, only parents who send their children to daycare were allowed to make a deduction from their income taxes.

• Primary Source

Swissinfo.ch, 24.11.13: No upper limit put on executive salaries http://www.swissinfo.ch/eng/swiss_news/No_upper_limit_put_on_executive_salaries.html?cid=37398340

Swissinfo.ch, 24.11.13: Voters reject stay-at-home tax break http://www.swissinfo.ch/eng/swiss_news/Voters_reject_stay-at-home_tax_break.html?cid=37397320

Spiegel Online International, 22.11.13: 'Fat Cat' Backlash: Swiss Executive Pay Debate Gets Ugly http://www.spiegel.de/international/europe/swiss-debate-about-1-12-executive-pay-cap-initiative-heats-up-a-935114.html

Les Temps, 25.11.13: Three resounding "Nos" (via PressEurop) http://www.presseurop.eu/en/content/news-brief/4349031-three-resounding-nos

Swissinfo.ch, 24.11.13: Salary limit judged too extreme by voters http://www.swissinfo.ch/eng/swiss_news/Salary_limit_judged_too_extreme_by_voters.html?cid=37401508

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