renewed without major problems. However, there is no country-wide minimum wage across sectors, but some collective bargaining agreement may contain minimum wage requirements for specific sectors or employers. A May 2014 ballot initiative which would have required a Swiss minimum wage to 22 Swiss francs an hour (corresponding to a monthly income of about 4000 Swiss francs) failed to pass, gaining only 23.7% support on the ballot. On 27 September 2020 voters in the Canton of Geneva approved a minimum wage of 23 Swiss franc per hour or about 4,000 per month. With the peak of the number of bankruptcies in 2003, however, the mood was pessimistic. Massive layoffs and dismissals by enterprises resulting from the global economic slowdown, major management scandals and different foreign investment attitudes have strained the traditional Swiss labour peace. Swiss trade unions have encouraged strikes against several companies, including Swiss International Air Lines, Coca-Cola, and Orange. Total days lost to strikes, however, remain among the lowest in the OECD. A study estimated that Switzerland will have a short fall of hundreds of thousands of workers by 2030. Income and wealth distribution In 2013 the mean household income in Switzerland was CHF 120,624 (c. USD 134,000 nominal, US$101,000 PPP), the mean household income after social security, taxes and mandatory health insurance was CHF 85,560 (c. USD 95,000 nominal, US$72,000 PPP). The OECD lists Swiss household gross adjusted disposable income per capita US$32,594 PPP for 2011. As of 2016, Switzerland had the highest average wealth per adult, at $561,900. The top 1% richest persons own 35% of all the wealth (2015). This development was tied to the exchange rate between the US Dollar and the Swiss franc, which caused capital in Swiss francs to more than double its value in dollar terms during the 2000s and especially in the wake of the financial crisis of 2007–2008, without any direct increase in value in terms of domestic purchasing power. The high average wealth is determined by the few who are extremely wealthy; the median (50th percentile) wealth of a Swiss adult is five times lower than the average, at US$100,900 (US$70,000 PPP as of 2011). The Statistical Office defines the majority of the population as “neither rich nor poor and the average Swiss earns just enough to afford the high cost of living in Switzerland”. As of 2022, one in seven Swiss pensioners was living in poverty. Some