Cost of living crisis. Top Executives pay rises by 23%. Food prices up 14.7%. Pay rises??
Not of course a media headline but a report in the Financial Times(7th November) shows that according to PWC the pay of executives in FTSE100 companies has risen by 23% in the last year.
The rise is largely due to an increase in bonus payments which stand at 86% of the maximum possible against the longer term average of 70-75%. This means that average top executive pay was up to £3.9m
What the report does not say is who makes the profit that allows such pay levels. The answer of course are lower paid workers who won’t be getting a 23% rise if the top executives can prevent it. They want the money for themselves
A report from Kantar (Times 9th November) shows that the annual cost of a food shop has risen by £682, with food price inflation at 14.7% in October. It is no surprise that nurses in the RCN have voted for strikes and teachers are balloting for them, with continuing disputes in the post, BT and on the rails.
If 23.7% is good enough for the bosses its good enough for the workers
Leave a Reply