{"id":10944,"date":"2017-01-06T14:57:17","date_gmt":"2017-01-06T14:57:17","guid":{"rendered":"http:\/\/unitelive.org\/?p=10944"},"modified":"2017-01-06T17:02:27","modified_gmt":"2017-01-06T17:02:27","slug":"fair-slice-pie","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=10944","title":{"rendered":"A \u00e2\u20ac\u0098fair slice of the pie\u00e2\u20ac\u2122?"},"content":{"rendered":"
<\/div>\n

Greedy FTSE 100 bosses made more money during the first two and half days of 2017 than most people earn all year, new research has found.<\/p>\n

 <\/p>\n

Fat Cat<\/a> directors on a rate of more than \u00c2\u01411,000 an hour earned just over \u00c2\u014128,000 by Wednesday of this week (January 4). The sum is the same amount as the average British worker earns in a year, calculations from the High Pay Centre showed.<\/p>\n

 <\/p>\n

Pay for top bosses has been increasing since 2010, with wages for the average FTSE 100 CEO in 2015 reaching nearly \u00c2\u01414m a year – a staggering 129 times more than the average worker\u00e2\u20ac\u2122s annual salary.<\/p>\n

 <\/p>\n

\u00e2\u20ac\u015bOur new year calculation is not designed to make the return to work harder than it already is. But \u00e2\u20ac\u0098Fat Cat Wednesday\u00e2\u20ac\u2122 is an important reminder of the continuing problem of the unfair pay gap in the UK,\u00e2\u20ac\u0165 said High Pay Centre (HPC) director Stefan Stern.<\/p>\n

 <\/p>\n

\u00e2\u20ac\u015bWe hope the government will recognise that further reform to pay practices are needed if this gap is to be closed. That will be the main point in our submission to the business department in its current consultation over corporate governance reform.\u00e2\u20ac\u0165<\/p>\n

 <\/p>\n

The HPC calculated the figures by \u00e2\u20ac\u015bmaking the generous assumption\u00e2\u20ac\u0165 that the UK\u00e2\u20ac\u2122s biggest bosses put in 12 hour days, worked three quarters of their weekends and only took 10 days holiday a year.<\/p>\n

 <\/p>\n

Raked in<\/em><\/strong><\/p>\n

With average earnings of \u00c2\u01411,009 per hour, the HPC found that if the CEOs started work on Monday January 2, they would have raked in \u00c2\u014128,000 by Wednesday afternoon \u00e2\u20ac\u201c compared to the national minimum wage of \u00c2\u01417.20 an hour for over 25s.<\/p>\n

 <\/p>\n

Stern said greater transparency<\/a> and employee representation on company boards<\/a> is needed to help close the massive wage gap, which is expected to be exacerbated by increasing living costs and stagnating wages \u00e2\u20ac\u201c as a result of the economic uncertainty over Brexit.<\/p>\n

 <\/p>\n

He said, \u00e2\u20ac\u015bEffective representation for ordinary workers on the company remuneration committees that set executive pay, and publication of the pay ratio between the highest and average earner within a company, would bring a greater sense of proportion to the setting of top pay.\u00e2\u20ac\u0165<\/p>\n

 <\/p>\n

Systemic injustices <\/em><\/strong><\/p>\n

Unite assistant general secretary Steve Turner said the pay gap reflected systemic injustices within the economy, which he said had been aided by the government\u00e2\u20ac\u2122s continued attacks on working people.<\/p>\n

 <\/p>\n

\u00e2\u20ac\u015bDespite a fall in wages and living standards for working people over the last nine years, the pay of top executives has continued to increase beyond all reason,\u00e2\u20ac\u0165 Turner said.<\/p>\n

 <\/p>\n

\u00e2\u20ac\u015bThere is clearly something wrong when the average worker\u00e2\u20ac\u2122s annual wage is surpassed by a single person in just a few days. Working people help create the wealth enjoyed by those at the top and they deserve a fair slice of the pie.\u00e2\u20ac\u0165<\/p>\n

 <\/p>\n

He added, \u00e2\u20ac\u015bBut instead of helping them to achieve that we have a government that has been determined to make their share even smaller.<\/p>\n

 <\/p>\n

\u00e2\u20ac\u015bThe Tories have attacked trade unions and weakened employment rights. It\u00e2\u20ac\u2122s no coincidence that as fat cat pay has increased so have zero and short hour contracts and insecure and precarious working.\u00e2\u20ac\u0165<\/p>\n","protected":false},"excerpt":{"rendered":"

Greedy FTSE 100 bosses made more money during the first two and half days of 2017 than most people earn all year, new research has found.   Fat Cat directors on a rate of more than \u00c2\u01411,000 an hour earned just over \u00c2\u014128,000 by Wednesday of this week (January 4). The sum is the same […]<\/p>\n","protected":false},"author":1,"featured_media":9747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[102,135],"wps_subtitle":"\u00e2\u20ac\u0098Fat Cats\u00e2\u20ac\u2122 earn your wages in two days","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/10944"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10944"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/10944\/revisions"}],"predecessor-version":[{"id":10945,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/10944\/revisions\/10945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/9747"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}