Name: Geneva in Switzerland is introducing a minimum wage of $25 an hour, the highest in the world
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Geneva in Switzerland is introducing a minimum wage of $25 an hour, the highest in the world

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The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Voters in the Swiss canton of Geneva have voted to introduce a minimum wage of 23 Swiss francs ($25) an hour — making it the highest in the world.Just over 58% of voters in the canton — an administrative region that includes the city of Geneva — voted for that minimum wage, published September 28.They were asked to answer yes or no to the question: "Do you accept the popular initiative '23 francs is a minimum'?"Paying workers the new wage, based on Switzerland's average 41-hour working week, would give workers a minimum monthly salary of 3,772 Swiss francs ($4,115) and minimum annual salary of 45,264 Swiss francs ($49,386), according to Business Insider's calculations.Geneva's minimum wage is more than triple the US federal minimum wage of $7.25 and more than double the UK minimum wage of £8.72, or $11.28, for people 25 and over.(Many US cities and states have separate, higher minimum wages.)The new minimum wage will go into effect on November 1, and will benefit about 6% of the commune's workers, Geneva State Counselor Mauro Poggia as saying. Switzerland does not have a national minimum wage — that is decided by individual cantons instead.$25 an hour is the highest minimum wage in the world. As of 2019, Australia paid the highest national minimum wage, equivalent to $12.60 an hour, .The city of Geneva, the capital of the canton, has long been one of the most expensive in the world, . The Economist Intelligence Unit that one kilogram of bread costs an average of $5.62 and a women's haircut costs $93 in the city.The vote to introduce a minimum wage followed the coronavirus pandemic hitting its retail and travel sector hard, .&nbsp;Michel Charrat, the president of a group that supports workers in the French-Swiss border, told the newspaper that the pandemic "has shown that a certain section of the Swiss population cannot live in Geneva."He said paying people at least 4,000 Swiss francs a month "is the minimum to not fall below the poverty line and find yourself in a very difficult situation."Switzerland due to economic losses in the coronavirus pandemic.Prior to this year's vote, Geneva voted twice — in 2011 and 2014 — to reject introducing a minimum wage to the canton.NewsletterThe stories dominating banking, business, and big deals. Sign up for Insider Finance.Something is loading.Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Voters in the Swiss canton of Geneva have voted to introduce a minimum wage of 23 Swiss francs ($25) an hour — making it the highest in the world.Just over 58% of voters in the canton — an administrative region that includes the city of Geneva — voted for that minimum wage, published September 28.They were asked to answer yes or no to the question: "Do you accept the popular initiative '23 francs is a minimum'?"Paying workers the new wage, based on...

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Geneva in Switzerland is introducing a minimum wage of $25 an hour, the highest in the world

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