BONUS CAP. A referendum in Switzerland gave a resounding yes to a law that will cap bank CEO bonuses.

Nearly 70 percent of Swiss voters said yes to the new law. Obviously the people have had enough of seeing how CEOs in banks get huge bonuses at the same time as the financial crisis hits the people.

The bank bonus cap demands that bonuses cannot exceed the annual wage. It can, though, be raised to be equivalent to two year’s pay if the shareholders approve.

UNI Global Union General Secretary Philip Jennings say’s in a statement:

“The Swiss have taken the lead – this is a world first. We expect other countries to follow suit. Investors and worker pension funds have a new tool to bring sanity back to CEO pay. The global labour movement will take this message to the G20. We have to close the wealth gap and lift the bottom rather than feed the greed at the top.”

Read UNIs whole statement here.