Europe:
Swiss Knife Sharpened to Cut Bosses’ Pay

11/7/2013 5:04:02 AM Reprint | | Print |

SWITZERLAND - Swiss voters will decide November 24 on introducing a salary cap that would limit the wage spread in companies to 1:12.
 
This comes after Swiss multinational pharmaceutical company Novartis awarded a 79-million-dollar farewell package to resigning CEO Daniel Vasella earlier this year, causing national outrage.

According to the latest numbers, 3.5 percent of the employed in Switzerland are considered working poor, while almost 12 thousand top earners make more than half a million Swiss francs a year. (END//2013)

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