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15/08/2018 - Bosses pay soars as workers face wage curbs and freezes

greedybusinessmanThe pay of company chief executives has soared by more than 11 percent to an average of over £5.5 million in the past year, a new study has revealed.

The rise compares to 2 percent for full-time workers—below the rate of inflation.

The Chartered Institute of Personnel and Development and the High Pay Centre’s research showed top bosses’ median salary—the one in the middle of the range—is around £4 million.

And on average it rose by 23 percent to £5.6 million.

Labour’s shadow chancellor John McDonnell said, “Most people's wages are still below 2010 levels and are barely keeping up with inflation.

“So when they see the fattest cats get fatter yet again with an 11% pay rise, it's no wonder people question the fairness of our society.”

TUC general secretary Frances O'Grady said, "Pay for most people is barely rising at all. So working people will find it hard to understand why fat cat executives are splashing the cash for themselves.

"Workers should get seats on boardroom pay committees to bring a bit of common sense to pay decisions.

"And the government should put the minimum wage up to £10 an hour to give more workers a fairer share of the wealth they create."

Pat Harrington, General Secretary of Solidarity, commented: "Wage rises through collective bargaining and action together with campaigns to raise the minimum wage are important. These figures bring shame to our Nation. Yet particularly as labour becomes more automated we need to look at ownership and control of our economy. All unions need to look at how our economy is structured and how profits are shared."