New Home Owners And Snagging Forum
General Categories => Current Affairs => Topic started by: The Prophet on November 03, 2011, 10:18:20 am
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Research company Incomes Data Services (IDS) said that total pay, including salary, bonuses and benefits for the directors of the UK's top companies rose by 50% over the past year.
This was higher than the Chief Executives, whose pay rose by "just" 43% over the year.
David Cameron, has said the report was "concerning" and called for big companies to be more transparent when they decide executive pay.
Labour leader Ed Miliband said the pay increases were part of a "something for nothing" culture, since the stock market had not risen to match them.
Base salaries rose by just 3.2%, although that was above the median rise recorded by IDS this week for average pay settlements of 2.6% for private sector workers. Inflation is currently 5.2%.
The Unite union's general secretary, Len McCluskey said:
"The Government should strongly consider giving shareholders greater legal powers to question and curb these excessive remuneration packages. Institutional shareholders need to exercise much greater scrutiny and control of directors' pay and bonuses. It's obscene and it shows that the City has learnt nothing during the financial troubles of the last four years."
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I read somwhere that over the last 30 years, according to the High Pay Commission, the average executive pay package has risen by 5,000%.
In the same period, the average worker's salary has risen by just 300% to £25,900.
It is about time that the over-paid bosses and bankers were taxed at 90% for everything they get above £500,000.
Then those earning less than £15,000 should be able to pay no income tax at all.
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The Sunday Times Rich List shows that the richest grew their fortunes by 5% last year.
This is not the top 1%, but the top 0.01%.
How much extra pleasure can that extra billion buy you in life?