FAT-CAT bosses have pocketed an average £3.6 million in annual salary and bonuses despite Bank of England governor Andrew Bailey calling on workers to show restraint in wage claims.
A report by international accountancy firm Deloitte revealed today that the pay packages of the chief executives of Britain’s top 100 companies climbed back to their pre-pandemic level by the end of the last financial year after falling to £2.8 million during the coronavirus crisis.
Mr Bailey — annual salary £575,000 — has urged workers to “think and reflect” before asking for a pay rise at a time of rising inflation, which now stands at more than 9 per cent and is predicted to rise above 10 per cent in the near future.
Earlier this month Mr Bailey told the Commons Treasury select committee: “I do think people, particularly people who are on higher earnings, should think and reflect on asking for high wage increases.”
But the Deloitte report on chief executives’ income failed to provoke a response from the Bank of England.
The Unite union lambasted the bank’s governor today for failing to speak out.
Unite general secretary Sharon Graham said: “CEOs are pocketing around £3.6 million in pay while others face the appalling choice of whether they can heat or eat, and the Bank of England says nothing.
“Yet when workers earning a fraction of that want to protect the value of their wages, the governor slaps them down.
“Where is the call for restraint on multimillion-pound pay packets and profiteering on the back of inflation?
“Workers did not cause this crisis — we will not accept any further lectures on pay restraint from rich men on massive salaries.”
Unite is leading a campaign for better pay and is supporting strikes by its members nationwide, including at privateer bus companies.
“Unite is on a mission to make work pay in this country,” said Ms Graham. “We are very clear that where employers can afford to raise pay, then we will demand and win a rise for our members.”
Deloitte also reported that the ratio of chief executives’ pay to that of ordinary workers is now 81:1.
The Bank of England declined to comment.
At the same time a shortage of gas causes prices to rise at record levels, and miraculously profits as well!
That’s our money. How do we take it back?
If anything, increasing CEOs’ pay relative to workers’ pay should help reduce inflation.
Always the same. Alright for a select few to pocket obscene amounts of money while the rest of us working folk get peanuts at best.
I am shocked! Shocked I tell you!
Shocked that they waited so long to give themselves these bonuses.
What a pack of cunts.
Know your place….
The vast majority of CEO bonuses are contractually bound, in the same way that your pay is contractually bound. I get the sour taste but this is a very poor comparison.
Its going to trickle down any day now.
One rule for us and another for them. Ordinary people want just enough to not feel like they are drowning, while the rich want another holiday home or another boat. Increasing the average person’s wages would see that money invested back into the economy, the rich just like to hoard it as if they are Smaug.
We are living in Dickensian times
They worked hard?
Greed. There’s nothing going on in the world apart from this.
My previous company refused to pay bonuses to most of the staff including directors last year. However we have a smaller office in Germany who had to be payed their bonus because of collective bargaining. Guess which office the CEO and CFO decided was their main office? “Sorry I want to support you and not take my bonus either but, I have to. Its the law”
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FAT-CAT bosses have pocketed an average £3.6 million in annual salary and bonuses despite Bank of England governor Andrew Bailey calling on workers to show restraint in wage claims.
A report by international accountancy firm Deloitte revealed today that the pay packages of the chief executives of Britain’s top 100 companies climbed back to their pre-pandemic level by the end of the last financial year after falling to £2.8 million during the coronavirus crisis.
Mr Bailey — annual salary £575,000 — has urged workers to “think and reflect” before asking for a pay rise at a time of rising inflation, which now stands at more than 9 per cent and is predicted to rise above 10 per cent in the near future.
Earlier this month Mr Bailey told the Commons Treasury select committee: “I do think people, particularly people who are on higher earnings, should think and reflect on asking for high wage increases.”
But the Deloitte report on chief executives’ income failed to provoke a response from the Bank of England.
The Unite union lambasted the bank’s governor today for failing to speak out.
Unite general secretary Sharon Graham said: “CEOs are pocketing around £3.6 million in pay while others face the appalling choice of whether they can heat or eat, and the Bank of England says nothing.
“Yet when workers earning a fraction of that want to protect the value of their wages, the governor slaps them down.
“Where is the call for restraint on multimillion-pound pay packets and profiteering on the back of inflation?
“Workers did not cause this crisis — we will not accept any further lectures on pay restraint from rich men on massive salaries.”
Unite is leading a campaign for better pay and is supporting strikes by its members nationwide, including at privateer bus companies.
“Unite is on a mission to make work pay in this country,” said Ms Graham. “We are very clear that where employers can afford to raise pay, then we will demand and win a rise for our members.”
Deloitte also reported that the ratio of chief executives’ pay to that of ordinary workers is now 81:1.
The Bank of England declined to comment.
At the same time a shortage of gas causes prices to rise at record levels, and miraculously profits as well!
That’s our money. How do we take it back?
If anything, increasing CEOs’ pay relative to workers’ pay should help reduce inflation.
Always the same. Alright for a select few to pocket obscene amounts of money while the rest of us working folk get peanuts at best.
I am shocked! Shocked I tell you!
Shocked that they waited so long to give themselves these bonuses.
What a pack of cunts.
Know your place….
The vast majority of CEO bonuses are contractually bound, in the same way that your pay is contractually bound. I get the sour taste but this is a very poor comparison.
Its going to trickle down any day now.
One rule for us and another for them. Ordinary people want just enough to not feel like they are drowning, while the rich want another holiday home or another boat. Increasing the average person’s wages would see that money invested back into the economy, the rich just like to hoard it as if they are Smaug.
We are living in Dickensian times
They worked hard?
Greed. There’s nothing going on in the world apart from this.
My previous company refused to pay bonuses to most of the staff including directors last year. However we have a smaller office in Germany who had to be payed their bonus because of collective bargaining. Guess which office the CEO and CFO decided was their main office? “Sorry I want to support you and not take my bonus either but, I have to. Its the law”
Vermin. Our enemies aren’t just in Moscow…