Well that could become a reality for the people of Switzerland! As a result of public activism against the growing financial crisis in Switzerland, Swiss citizens might have a chance to vote on a proposition that could regulate the pay of all Swiss adults to an unconditional 2500 Swiss Francs, which equates roughly to about $2800.
After gaining about 100,000 signatures, under Swiss Law, citizens can organize popular initiatives that channel civil unrest into real legal action in what are called Referendum. the country usually holds several Referenda a year. As a symbolic gesture, upon submitting the require signatures, organizers tipped a truckload of over 8 Million 5-cent coins outside the Parliament building in Bern, representing each person living in Switzerland.
A date has yet to be set for this particular initiative, however, back in March voters got behind some of the strictest controls on executive pay, forcing public companies to give shareholders a binding vote on compensation. Also, in November, a separate proposal called the 1:12 initiative could be voted on to restrict monthly executive pay to no more than what the company’s lowest-paid staff earn in a year.
These would definitely upset a few major things here in the US but do you think the Swiss are on to something big here?
*Photo credit and original story from Reuters Photo and MSN News*