More than three quarters of Swiss voters have rejected a plan that would set the world's highest minimum wage. Under the proposal, Swiss workers would have been paid a minimum of $24.70 an hour.
Trade unions had proposed it as a way of fighting poverty in a country that, by some measures, features the world's highest prices and most expensive cities. But voters were concerned about upsetting the country's strong economy, and about driving costs even higher.
Switzerland's economy minister said, "A fixed salary has never been a good way to fight the problem."
Switzerland currently has no minimum wage. But the median hourly wage is about $37.
Also rejected by voters today -- but only narrowly -- was a plan to outfit the Swiss Air Force with 22 fighter jets at a cost of $3.5 billion.