Swiss voters on Sunday overwhelmingly defeated an initiative that would have given Switzerland the highest hourly minimum wage in the world.

The Minimum Wage Initiative was rejected by 76 percent of voters in the referendum, said Swiss media reports.

Had it passed, the initiative would have made mandatory a minimum hourly wage of 22 Swiss francs or US$25, which is about 14 times higher than China's minimum wage of US$1.73, and triple the current federal minimum wage in the USA of US$7.25.

Like Us on Facebook

Analysts said the rejection of the Minimum Wage Initiative proposed by the Swiss Trades Union Confederation was a foregone conclusion given that Swiss voters also rejected the 1:12 Initiative for Fair Pay in a referendum last November.

Some 65 percent of Swiss voters opposed the 1:12 Initiative that sought to cap executive salaries at 12 times that of the lowest-paid employee. The rejection of the 1:12 initiative defeated Swiss efforts to more tightly govern executive compensation.

Swiss unions said the Swiss economy was strong enough to afford the high minimum wage they demanded. A victory for the initiative would have brought about a monthly salary of 4,000 Swiss francs or US$4,480 for persons working a 42-hour week.

Some 90 percent of Switzerland's workforce of 4.2 million people earn more than 22 Swiss francs or US$22.65 an hour, said the unions.

Another factor in the initiative's rejection was the opposition of the Swiss cabinet, or the Federal Council, and both houses of Parliament. Both urged voters to reject the initiative, claiming it didn't take into account regional and sector differences that affect wages. They also said a minimum wage would make it more difficult for low-skilled and unskilled job seekers to find jobs.

Switzerland remains the only wealthy country without a minimum wage.