Around 66% of Swiss people have voted against a proposal to limit salaries of top executives at 12 times that of the firm’s lowest-paid employee.

The proposal named ‘1:12 initiative for fair pay’ was put forth by the youth arm of the Social Democrats, or JUSO after finding that some of the country’s top CEOs were earning more than 200 times than what their employees take home.

The initiative by JUSO was to address the wide income gap between the top and low level employees in the country’s firms.

JUSO president David Roth told a Swiss television SRF that today they have lost, but will continue to fight in the long term.

The country will further hold a vote on whether to introduce a basic living wage of $2,800 per month in the state.

Swiss Association of Employers president Valentin Vogt told the television agency that it is an important decision for the Swiss business location.

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"The Swiss people have clearly decided that it’s not up to the state to have a say on pay," Vogt added.