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Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Real-time updates on global stock trends and expert market analysis to help you select profitable stocks and grow your wealth effectively. Voters in Geneva, Switzerland, have agreed to introduce a minimum wage in the canton that is the equivalent of $25 an hour – believed to be the highest in the world.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Free access to professional investment advisors who provide real-time market data and trend analysis. Select top-performing stocks and boost your capital with expert strategies for market growth. According togovernment data, 58% of voters in the canton were in favor of the initiative to set the minimum wage at 23 Swiss francs an hour, which wasbackedby a coalition of labor unions andaimedat “fighting poverty, favoring social integration, and contributing to the respect of human dignity.”

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Receive professional stock analysis with real-time updates on market movements. Make quick investment decisions and capitalize on profitable opportunities. While Switzerland has no national minimum wage law, Geneva is the fourth of 26 cantons to vote on the matter in recent years after Neuchâtel, Jura and Ticino.

“This new minimum wage will apply to about 6% of the canton’s workers as of November 1st,” Geneva State Counselor Mauro Poggia told 【 - Free Stock Investment Discussion Area 】 in a statement.

Communauté genevoise d’action syndicale, the umbrella organization of unions in Geneva,described the resultas “a historic victory, which will directly benefit 30,000 workers, two-thirds of whom are women.”

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Free access to stock market forums, expert advice, and real-time data to help you stay informed and grow your investments. The decision was also praised by Michel Charrat, president of the Groupement transfrontalier européen, anassociation of workerscommuting between Geneva and nearby France.

Charrat toldThe Guardianthat the coronavirus pandemic “has shown that a certain section of the Swiss population cannot live in Geneva,” and argued that the new minimum wage is “the minimum to not fall below the poverty line and find yourself in a very difficult situation.” Charrat didn’t return a 【 - Free Stock Investment Discussion Area 】 request for comment.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Get precise stock market predictions and free access to real-time market data for efficient decision-making and portfolio growth. The Geneva Council of State, the local executive branch, said in anopinionagainst the measure that the new minimum wage would be “the highest in the world.”

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Expert analysis of global stock trends, futures data, and real-time stock market quotes to help you plan your next investment move. The Swiss system of direct democracy calls on voters to exercise their right four times a year, and allows citizens to collect signatures to introduce “popular initiatives” to be enacted.

“On two occasions in the past, initiatives to set a mandatory minimum wage in Geneva had been submitted to the population and rejected,” said Poggia, who is in charge of the Department of Security, Labor and Health for the Geneva canton.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Free real-time global stock trend updates to help you capture market movements and make better investment decisions. The two previous votes took place in 2011 and 2014, and in the latest case, it was a national referendum to introduce an hourly minimum wage of 22 Swiss Francs, which found 76% of voters were opposed.

“On 27 September, a new vote on this subject was finally accepted, for a salary of 23 Swiss Francs per hour, or slightly more than 4,000 Swiss Francs per month for an activity of 41 hours per week,” Poggia added. That’s roughly $4,347 per month.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Professional investment advice with real-time updates on stock indices and futures data. Stay ahead with expert predictions and market insights. While a $25 per hour minimum wage might look staggering from the perspective of the United States, where the federal minimum wage is $7.25 an hour, context is key.

Geneva is the 10th most expensive city in the world, according toThe Economist Intelligence Unit’s 2020 Worldwide Cost of Living Survey. The roughly 4,000 Swiss francs workers will now earn puts them slightly above thepoverty lineof 3,968 Swiss francs for a household of two adults and two children younger than 14, as estimated by the Swiss Federal Statistical Office in 2018.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Free break-even services and stock analysis to help you recover quickly from losses and increase your chances of making profitable investments. Switzerland is among thewealthiestnations in the world, but it wasn’t shielded from the damaging impact of the coronavirus pandemic on its economy.

Overall, the Swiss government’s economic experts groupexpectsthe adjusted Swiss GDP to fall by -6.2% in 2020, and average unemployment to be around 3.8%, the lowest economic slump since 1975.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Real-time global stock market trend analysis to help you identify profitable opportunities and improve your investment strategies. Michael Grampp, Deloitte’s chief economist in Switzerland, said he believed the coronavirus pandemic had an impact in determining how many voters were in favor of passing the minimum wage initiative. Low income workers in the service sector were the most affected by the lockdown measures put in place in Switzerland.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Expert predictions on stock market movements with real-time data, ensuring you can make quick decisions and capture market opportunities. Related articleA cup of coffee at this Denver shop could cost you up to $9. But it's helping their employees earn a living wage

“I think many people realized how many people are working in these sectors. It’s not like everyone here is working for a bank or a chocolate factory. We also have a broad service sector that was hit hard due to the lockdown,” Grampp told 【 - Free Stock Investment Discussion Area 】.

Grampp believes more cantons will enact minimum wage legislation. But Poggia said he doesn’t believe the pandemic had a significant impact on the vote.

“Compared to other countries, given the strong social security coverage in Switzerland, the economic effects of Covid are currently being contained, even though job losses are already occurring in the sectors that have been directly affected, such as tourism, hotels and restaurants,” he said.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Free access to real-time stock indices, futures data, and market predictions to help you select high-return stocks and build a profitable portfolio. Mile-long lines at free food distributions in Geneva madeheadlinesworldwide, and they continue to take place, according to Charlemagne Hernandez, the co-founder of Caravane De Solidarité, an activistgroupin Geneva that has kickstarted the distributions in the city, mostly through donations.

Hernandez told 【 - Free Stock Investment Discussion Area 】 the group he now works for, the non-profit Colis du Coeur, helped an estimated 6,000 to 9,000 people each week during the summer, distributing bags of fresh produce and dry goods sourced through donations, the official Geneva food bank, and various charitable groups. Colis du Coeur is continuing food distribution through the winter.

Hernandez said he believes the adoption of the minimum wage initiative in Geneva was “necessary,” as unemployment represents an existential threat for so many low income workers in the city. “It will boil down to not having enough to eat,” he said.

Geneva is known as the humanitarian capital of the world because of the presence of so many international organizations and UN offices focusing on humanitarian affairs. Hernandez said solidarity in the city “is much stronger these days than usual,” as people respond to calls for donations in great numbers, helping the food distributions to continue.

Metalyst Forgings Limited (513335) ✌️【Quick Returns】✌️ Professional stock market predictions and analysis with real-time data to guide your investment decisions and ensure steady growth. To those who are skeptical about poverty being an issue in a wealthy country such as Switzerland, Hernandez invites people not to judge.

“I come from a slum in Manila originally, so it’s true, it’s not the same kind of poverty, but if you’re hungry, you’re hungry. That’s a benchmark you cannot deny,” Hernandez said.

Correction: This story has been updated to reflect Hernandez's affiliation with Colis du Coeur, and to clarify the role of Colis du Coeur and other charitable organizations involved in food distributions in Geneva.

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