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‘World’s highest minimum wage’ of £41,430 set to be introduced in Geneva
October 3, 2020
Residents in Geneva have voted to introduce the highest minimum wage in the world that equates £41,430 per year.
A referendum saw two thirds of the 500,000 voters living in the Swiss city opt to increase minimum salary for workers in the city to at least £3,500 per month.
The new policy is expected to come in to effect from October 17.
But The Mirror reports that the measure is expected to rely on cash from tourists and business visitors – which have been badly affected by a drop in travel as a result of the ongoing coronavirus pandemic.
Genevans had previously dismissed the idea of a minimum wage during referendums in both 2011 and 2014 – but a majority vote won this year.
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It is possible the Swiss city will become attractive to many from all over the world with the chance to rake in £41,430 at a minimum.
In contrast, the average income in the UK is £35,500 – while minimum wage in the UK stands at £8.72 for those aged 25 and over.
As a result, UK citizens can expect to earn on average £348.80 per week for a 40 hour work week – or £18,137.60 per year, if living on the minimum wage.
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The wage in Geneva would be the equivalent of £19.50 per hour.
President of the Groupement Transfrontalier Europeen, Michel Charrat – leader of an organisation that represents cross-border workers in France and Switzerland – has highlighted how the new minimum wage will aid the poorest residents.
He said 30,000 low-paid workers – of which two-thirds are women – would benefit from the change.
He told the Telegraph: “Covid showed that a certain section of the Swiss population cannot live in Geneva… 4,000 Swiss francs a month (£3,362) is the minimum to stay above the poverty line.”
He went on to claim rent in the affluent city is 2,000 Swiss francs per month, or higher.
News of the financial boost comes amid reports that the Covid-19 crisis has led to a rise in families depending on food banks to get buy – with queues of more than half a mile being recorded in the international hub.