Category: Switzerland

Switzerland Vote Overwhelmingly Against World’s Highest Minimum Wage

Swiss voters have rejected a proposal to introduce what would have been the world’s highest minimum wage at 22 francs ($25) an hour, citing the possible impact on employment and economic competitiveness.

In a national referendum on Sunday, 76.3 percent of voters spurned the union-backed minimum wage proposal, which would have affected just 10 percent of the population – with the median hourly wage hourly wage already at about 33 francs ($37) an hour.

Swiss Banks May Face Higher Leverage Ratio Requirements

Swiss banks could be forced to raise their minimum leverage ratios to as much as 10 percent, reported the Wall Street Journal on Sunday, in a move aimed at improving industry stability – yet could see banks have to cut down on their service offerings.

According to WSJ, Swiss politicians have been working on tighter regulations for the financial industry, with the proposed requirements set to face a vote in Parliament next year.

Swiss Bankers Too Scared To Travel Amid US Tax Probe: Business Head

Fearing arrest by U.S. tax authorities, many Swiss bankers are now refusing to travel out of the country, be it for work or holiday, according to one business leader in an interview published on Sunday.

Swiss Village To Donate Glencore Xstrata Tax Receipts To Countries Exploited By Company

Residents from the Swiss village of Hedingen, near Zurich, have decided to donate some 110,000 Swiss francs ($121,000) in taxes paid by Glencore Xstrata’s billionaire chief executive Ivan Glasenberg – to countries where the firm had been accused of exploiting people and resources, according to a report by The Guardian.

Switzerland May Pay US Authorities $10 Billion To Settle Tax Evasion Dispute

Members of the top echelon of the Swiss government, known as the Federal Council, are reportedly considering a proposal from the U.S. to pay a multi-billion fine and disclose bank client names, in order to settle a long-running dispute over the handling of tax-evasion cases, The New York Times reported on Tuesday.

Switzerland to Reinstate Immigration Quotas

Switzerland will renew restrictions on immigration from eight European countries starting from May, citing a steady increase in foreigners in the Alpine nation. The decision drew sharp criticism from EU foreign policy Chief Catherine Ashton, who said it ran counter to agreements between Switzerland and the 27-member EU bloc.

Switzerland to Impose Curbs on Executive Pay

Swiss citizens on Sunday voted to impose some of the world’s strictest rules on executive pay, forcing public companies to give shareholders a binding say on remuneration. However, critics say the results could make Switzerland less attractive to multinational corporations.

Official results showed that 67.9 percent of voters had backed the so-called “fat cat initiative”, one of the highest approval rates ever for a popular initiative.

Swiss Groups Claim Abortions Hurt GDP

A pro-life group in Switzerland has launched an initiative to ban abortions in the country, claiming that the practice cost billions in lost tax revenues, according to a report by AFP on Wednesday.

The “Protect life to remedy the loss of billions” initiative was launched on Tuesday, appealing for more than 100,000 signatures by August 2014, in order to bring the issue to a national referendum.

Swiss Banks Set To Lose “Hundreds Of Billions” Once New Bank Laws Kick In: UBS Head

Wealthy clients across Europe could withdraw “hundreds of billions of francs” from their Swiss banking accounts over the next few years as a direct result of international pressure targeting the nation’s secretive banking practices, said UBS’s Head of Wealth Management Juerg Zeltner on Monday.

Swiss Voters Snub Chance For Longer Paid Vacations

Voters in Switzerland have rejected an opportunity to extend their annual paid vacation days from the government-mandated minimum of four weeks to a union-backed proposal of six weeks – with more than 67 percent of the population voting against the initiative during a national referendum held on Sunday.