Britain is one of the most unequal countries in the world, thanks to the Tory-in-sheep's-clothing policies of Tony Blair, and the naked banker-coddling and brutal austerity of the real Tories who followed on from Blair.
The UK doesn't just lead the pack in wheezes to keep wages low, like classing employees as "contractors," with no set schedules and wages that can go negative once depreciation on the gear they supply is factored in; it's also a leader in dodges that let the richest people in the country duck taxation (when I moved to the UK, a banker from Barclay's called on me to explain that I could be a "non-dom" and avoid all tax by pretending I lived in the Channel Islands).
The UK national minimum wage was inaugurated 20 years ago and today it guarantees £14,664/year for workers who are still classed as waged employees. But if it had kept pace with the rocketing compensation taken home by the country's executive class, these workers would be taking home £26,000 year.
The average UK CEO is now earning 94X more than the workers they boss.
Every year the High Pay Centre highlights “fat cat day” when the average FTSE 100 chief executive will have already been paid the same as the average UK worker earns in a whole year. In 2018 the day falls on 4 January.
Stefan Stern, director of the High Pay Centre, said: “It’s striking that the national minimum wage came in just as executive pay really started to spiral up and out of control. The pay gap has grown ever since, with terrible consequences. There are two ways to close this unacceptable and unjustifiable gap: one is to have more restraint at the top, and the other is to have the long overdue pay rise that lower paid workers deserve. We need rapid progress at both ends of the income scale.”
Minimum wage would be £26,000 if rate matched executive pay rises, GMB finds [Jamie Doward/The Guardian]
(Image: Bixentro, CC-BY)
(via Naked Capitalism)
Kaitlin Cawley finished grad school with $95,000 in student loans, including a $24,000 variable-rate loan that started at 9.4% and now stands at 11%, a loan that the US government lender Sallie Mae brokered for her when she was 20.
If you are an oligarch or criminal looking to exfiltrate and launder your money, London property markets have been your go-to asset class: London lux is real-estate that behaves like cash, thanks to the long line of oligarchs and criminals who'll pay cash for your safe-deposit box in the sky on a few hours' notice, […]
Under a leaked draft plan from Trump's Department of Labor, 16- and 17-year-olds would be permitted to work for extended periods in "Hazardous Occupations" as apprentices; at present, these apprentices are only allowed to train on machines like chainsaws and meat-slicers for short periods under close supervision.
Businesses big and small use Microsoft Excel for everything from data visualization to bookkeeping, and chances are you’ve already had some exposure to this ubiquitous tool. Whether you’re looking to improve your hiring potential or boost your Excel efficiency, the Ultimate All-Level Excel Bootcamp can get you Excel-savvy with nearly 70 hours of training, and it’s […]
The workday is long, and inevitably, you’re going to find yourself needing to take a break from the daily grind. With Mini Materials Miniature Cinder Blocks, you can take some time for yourself and decompress by turning your desk into a miniature construction site. They’re available today in the Boing Boing Store for $22.49. Handmade […]
Handheld radios might seem a bit archaic, but in an emergency situation, few things will keep you as reliably connected to the outside world. This Emergency Multi-Function Radio & Flashlight takes the utility of the tried-and-true radio and combines it with a powerful flashlight and self-sufficient energy system. It’s available in the Boing Boing Store for […]