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Fat cat bosses already scoop average wage

TUC’s Frances O’Grady slams fat cat Tuesday

BRITAIN’S greediest bosses have earned more in the first six days of 2015 than most workers will earn in the whole year.

The Trades Union Congress (TUC) said that “fat cat Tuesday” served as a timely reminder that the British economy will not recover until ordinary workers get a pay rise.

The day was marked by think tank the High Pay Centre (HPC) in a bid to raise awareness of Britain’s growing wealth divide.

Directors of the top 100 companies listed on the stock exchange are set to earn a whopping average of £4.72 million — an increase of half a million since last year.

Meanwhile the national average salary has risen by a measly £200 to £27,200.

HPC’s director Deborah Hargreaves called for workers to be represented on key “remuneration committees” which determine company pay.

“fat cat Tuesday highlights the problem of unfair pay in the UK,” she said.

“For top bosses to rake in more in two days than their staff earn in a year is clearly unfair, disproportionate and doesn’t make social or economic sense.

“Politicians need to do more to stand up to big business and the super-rich. We must also give workers the power to force employers to share pay more fairly throughout their organisation.”

TUC general secretary Frances O’Grady said: “It’s a stark reminder that while the average worker is £50 a week worse off than in 2010, boardroom pay gets bigger and bigger every year.

“We urgently need a change of course to put wage growth for all workers at the heart of Britain’s economic plan — if not then people’s living standards will not recover and the economy will remain in the danger zone.”

The display of corporate greed follows the news that stingy retail bosses are holding up plans to raise the hourly minimum wage by 50p. Such an increase would allow the rate to catch up with inflation figures since 2006.

On Monday the Morning Star reported that members of the Low Pay Commission were split on whether to recommend the 50p rise to the government. The new minimum wage will come into effect in October.

 

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