Posts under ‘Earnings’

FTSE-100 CEOs now on average paid 143 times more than their staff

by Michael Meacher.

The inequality between business leaders and their workforce has now reached an all-time high. According to the pay consultancy Manifest/MM&K, the typical FTSE-100 chief executive is now paid £4.7 million a year (over £90,000 a week), whilst the typical FTSE-100 employee gets 143 times less. This is the average position, which means there is a […]

Austerity: trade unions agree coordinated strike action on 14 Oct against pay freeze

by John Millington.

Three of Britain’s biggest unions  have agreed to escalate their dispute over pay with a coordinated strike in October, days before a massive demonstration against cuts. The three unions –  GMB, UNISON and Unite, have agreed that their members will run a coordinated strike of their local government and school members in England, Wales and Northern Ireland on […]

Why most people are getting poorer

by Michael Burke.

Most people in Britain are getting poorer. For obvious reasons, the government and supporters of austerity would prefer not to discuss this fact. Yet in the strained language of the Labour right, there has also been a clamour for Ed Miliband to ‘change the narrative’ on the economy by no longer talking about the cost […]

The economic contradictions of Mr Miliband

by Ann Pettifor and Jeremy Smith.

There is much to welcome in Ed Miliband’s address last Saturday to the Labour Party’s national policy forum. For example, his argument that Britain suffers from a low-pay economy. While the number of those in employment has grown, real pay has fallen dramatically over the lifetime of the present government. At PRIME, we calculated the fall in real […]

What’s wrong with striking for £1 an hour when richest 1,000 double wealth by £20bn?

by Michael Meacher.

No-one wants to strike, least of all the strikers who lose wages they can ill afford, but what do you do when public sector workers’ pay has been cut in real terms by 8% in the last 6 years and the employers flatly refuse to offer a very modest pay rise to at least try […]

94 reasons why French trade unions have boycotted Hollande’s job summit

by Tom Gill.

François Hollande’s jobs summit is becoming a farce. Unemployment in France has risen to a new high of 3.4 million. The socialist President is desperate to be seen to be doing something about it. But Monday yet another union walked out of the two day ‘social summit’, an unprecedented desertion by organised labour for any administration in Paris, let […]

The case for a shorter working week

by Dave Watson.

A shorter working week would to help combat high levels of work-related stress and be good for the economy. While the UK government’s new flexible working plan is a welcome move in the right direction, it will still be too easy for employers to block requests. John Ashton, the President of the UK Faculty of Public Health recently said:

Germans to get ‘amputated’ minimum wage

by Tom Gill.

The German parliament this week approved the country’s first minimum wage but unions and critics on the Left are not much impressed. The wage – backed by a vote in the Bundestag on Thursday – will be set at €8.50 (£6.80) per hour, which is higher than the equivalent in the US and UK. Angela Merkel’s […]

Inequality and British Capitalism

by Phil Burton-Cartledge.

As we saw the other day, inequality has become so pathological that capitalism could seize up. When lucrative markets are locked down, when governments bow and scrape to big business, when social mobility is choked off, and the unobtainable opulence of the vanishingly few is crassly paraded in front of the many, capitalism is going […]

Pitchforks and inequality

by Phil Burton-Cartledge.

This “memo” from Nick Hanauer to his fellow billionaires is an absolute must-read. Couched in straight forward language, he’s basically saying to his class that not enough people have a stake in the system any more and this will pose them an existential threat unless inequality is sorted out. Here’s a snippet:

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