Labor and Investment Modernization Act of 2012
Proposed by Liberal Modernist
Failing
blocked by Presidency
Opened
3 May 2012
Voting closes
2 Jul 2012
Chambers
2 legislatures
Articles
3 changes
Rationale
Modernizing outdated and excessive restrictions on businesses creates innovation and boosts economic growth while continuing to ensure fair wages and sustainable retirement for all.
Proposed Changes
| Law | Previous | Proposed | ||
|---|---|---|---|---|
| 1 | Foreign Land Ownership |
Foreign ownership limited to commercial property only; residential banned
|
No restrictions on foreign land purchases
|
|
| 2 | Minimum Wage Policy |
Maximum wage cap (no one may earn more than 10x the lowest-paid worker)
|
Basic minimum wage
|
|
| 3 | Retirement Age Policy |
Retirement at 50
|
Retirement at 60
|
1
Foreign Land OwnershipPrevious law
Foreign ownership limited to commercial property only; residential banned
No restrictions on foreign land purchases
2
Minimum Wage PolicyPrevious law
Maximum wage cap (no one may earn more than 10x the lowest-paid worker)
Basic minimum wage
3
Retirement Age PolicyPrevious law
Retirement at 50
Retirement at 60
Timeline
-
Draft3 May 2012
-
Vote Open3 May 2012
-
Vote Closed2 July 2012
-
Did Not Become Law2 July 2012
Vote tally
Live tally across each chamber. Weighted by seats held.
Senate
Failed
34Yes
63No
3Not voted
100 seats
For: 34 / 100 seats (34.0%)
Against: 63 · Abstained: 0 · Not voted: 3
50.1% of those voting must vote in favour (actual = 35.1%)
| Party | Seats | Vote | Reason |
|---|---|---|---|
| Liberal Modernist Proposer | 34 | Yes | No reason given |
| Socialist Alliance | 47 | No | No reason given |
| Solidarity | 6 | No | No reason given |
| Sunrise Movement | 10 | No | No reason given |
| Empty seats | 26 | Not voted |
House of Representatives
Failed
147Yes
274No
14Not voted
435 seats
For: 147 / 435 seats (33.8%)
Against: 274 · Abstained: 0 · Not voted: 14
50.1% of those voting must vote in favour (actual = 34.9%)
| Party | Seats | Vote | Reason |
|---|---|---|---|
| Liberal Modernist Proposer | 147 | Yes | No reason given |
| Socialist Alliance | 206 | No | No reason given |
| Solidarity | 24 | No | No reason given |
| Sunrise Movement | 44 | No | No reason given |
| Empty seats | 103 | Not voted |
Presidency
Failed
0Yes
1No
0Not voted
1 seat
For: 0 / 1 seats (0.0%)
Against: 1 · Abstained: 0 · Not voted: 0
Passes unless the office holder votes against (abstention counts as pass)
| Party | Seats | Vote | Reason |
|---|---|---|---|
| Socialist Alliance | 1 | No | No reason given |