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Best Stocks for 2025 in India Expert Trading Community ✌️【Safe Investments】✌️ Free stock selection service with professional advisors offering the best investment portfolio for stable 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.”

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“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 Selection 】 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.”

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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 Selection 】 request for comment.

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“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.

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“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.

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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.

Best Stocks for 2025 in India Expert Trading Community ✌️【Safe Investments】✌️ Free stock selection services backed by expert predictions. Our advanced analytics and real-time market data will help you stay ahead of the competition and make smart, profitable investment decisions. 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.

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“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 Selection 】.

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.

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Hernandez told 【 - Free Stock Selection 】 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.

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“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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