It might surprise many people to learn that Switzerland has no minimum wage, as The Wall Street Journal reports:
Switzerland will decide Sunday whether the country’s workforce should get something it has never had before: a minimum wage. On May 18, the Alpine nation will vote on an initiative to introduce a minimum wage of 22 Swiss francs ($25) an hour, a level that would be the highest in the world.”
But note the remarkably low Swiss unemployment rate:
Switzerland has an enviably low unemployment rate of 3.2%, but Boris Zuercher, head of the Swiss labor office, said the proposal would hurt the people it is designed to help if it makes it too expensive to hire low-skilled job seekers.”
So no minimum wage, low unemployment, and a famously high standard of living. The Swiss example is obviously something that domestic proponents of a minimum wage increase, including Barack Obama, should internalize.
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