Voters in Switzerland have rejected a proposal to increase the mandatory paid vacation to six weeks from four per year in a sign of support for the austerity measures that European countries need to follow.

Majority of the nation's 26 cantons had rejected the measure, according to exit polls conducted by Public broadcaster SSR.

Companies had already warned that a measure to increase paid holidays would surely affect the competitiveness negatively and could even raise a threat to jobs.

Travail.Suisse, a trade union, had proposed the initiative to increase the number of paid holidays with the argument that the present four-week holiday system was not sufficient considering the increasing work pressure on employees. It also raised concerns regarding an increase in stress-related issues and also heart problems.

However, Swiss voters have paid heed to the warning by companies and also the government that a longer vacation is not the prudent path to follow in the current economic condition. They seem to understand such a move could result in increasing the cost of labor, which is certainly not conducive in the current economic scenario.