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22/11/2011
Pay Commission Slams 'Victorian Era' Inequalities
The High Pay Commission has published a report on Tuesday, which has found "spiralling" high pay is creating inequalities "last seen in the Victorian era".
The commission's final report, called Cheques with Balances: Why tackling high pay is in the national interest, shows "stratospheric" pay increases, which have seen wealth flow upwards to the top 0.1% away from average workers.
The report sets out a 12-point plan that includes a radical simplification of executive pay, putting employees on remuneration committees, publishing the top ten executive pay packages outside the boardroom, forcing companies to publish a pay ratio between the highest paid executive and the company median, forcing companies to reveal total pay figure earned by the executive and establishing a new national body to monitor high pay.
High Pay Commission chair, Deborah Hargreaves, said: "There’s a crisis at the top of British business and it is deeply corrosive to our economy. When pay for senior executives is set behind closed doors, does not reflect company success and is fuelling massive inequality it represents a deep malaise at the very top of our society.
“The British people believe in fairness and, at a time of unparalleled austerity, one tiny section of society – the top 0.1% - continues to enjoy huge annual increases in pay awards.
"Everyone, including each of the main political parties, recognises there is a need to tackle top pay. That’s why we are saying there must be an end to the 'closed shop' that sets top pay and that pay packages should be clear, open and published to shareholders and the public.”
The report contains a number of findings such as busting the myth that pay must increase to halt a "talent drain" in executives, and that high pay is damaging the UK economy – distorting markets, draining talent from key sectors and rewarding failure.
(DW)
The commission's final report, called Cheques with Balances: Why tackling high pay is in the national interest, shows "stratospheric" pay increases, which have seen wealth flow upwards to the top 0.1% away from average workers.
The report sets out a 12-point plan that includes a radical simplification of executive pay, putting employees on remuneration committees, publishing the top ten executive pay packages outside the boardroom, forcing companies to publish a pay ratio between the highest paid executive and the company median, forcing companies to reveal total pay figure earned by the executive and establishing a new national body to monitor high pay.
High Pay Commission chair, Deborah Hargreaves, said: "There’s a crisis at the top of British business and it is deeply corrosive to our economy. When pay for senior executives is set behind closed doors, does not reflect company success and is fuelling massive inequality it represents a deep malaise at the very top of our society.
“The British people believe in fairness and, at a time of unparalleled austerity, one tiny section of society – the top 0.1% - continues to enjoy huge annual increases in pay awards.
"Everyone, including each of the main political parties, recognises there is a need to tackle top pay. That’s why we are saying there must be an end to the 'closed shop' that sets top pay and that pay packages should be clear, open and published to shareholders and the public.”
The report contains a number of findings such as busting the myth that pay must increase to halt a "talent drain" in executives, and that high pay is damaging the UK economy – distorting markets, draining talent from key sectors and rewarding failure.
(DW)
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01 September 2011
Commission On Minimum Wage Visit
Two Low Pay Commissioners are to visit London next week on a fact-finding visit about the National Minimum Wage. The visit is one of a number of planned trips the Low Pay Commission is making around the UK during 2011 to "gather information on how the minimum wage is operating".
Commission On Minimum Wage Visit
Two Low Pay Commissioners are to visit London next week on a fact-finding visit about the National Minimum Wage. The visit is one of a number of planned trips the Low Pay Commission is making around the UK during 2011 to "gather information on how the minimum wage is operating".
19 August 2014
New Data Shows Women Hit By 'Mid-Life Pay Crisis'
Female managers over 40 years old are earning 35% less than men, according to new data by the Chartered Management Institute (CMI) and XpertHR. To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more.
New Data Shows Women Hit By 'Mid-Life Pay Crisis'
Female managers over 40 years old are earning 35% less than men, according to new data by the Chartered Management Institute (CMI) and XpertHR. To earn the same as a male manager over a career, a woman would have to work the equivalent of over 14 years more.
26 September 2008
Funding Boost Of £455m For Equal Pay Claims
Funding of £455m will be awarded to councils in England to allow back payments relating to thousands of equal pay claims from women workers. In a move to speed up long-term commitments to achieving equal pay for all council workers, local government minister John Healey gave the go-ahead to 34 councils to raise the money through capitlisation.
Funding Boost Of £455m For Equal Pay Claims
Funding of £455m will be awarded to councils in England to allow back payments relating to thousands of equal pay claims from women workers. In a move to speed up long-term commitments to achieving equal pay for all council workers, local government minister John Healey gave the go-ahead to 34 councils to raise the money through capitlisation.
27 February 2006
Report highlights gender pay gap in the UK
Women are still being paid less than men, thirty years after the introduction of equal pay legislation, a new report has found. The government-commissioned "Shaping a Fairer Future" report from the Women and Work Commission found that women are earning 17% less than men. This was "bad for women and bad for Britain", the report said.
Report highlights gender pay gap in the UK
Women are still being paid less than men, thirty years after the introduction of equal pay legislation, a new report has found. The government-commissioned "Shaping a Fairer Future" report from the Women and Work Commission found that women are earning 17% less than men. This was "bad for women and bad for Britain", the report said.
09 February 2006
Parliament cleaners receive pay rise
Cleaners at the Houses of Parliament are to receive a pay rise, after settling their long-running pay dispute. The workers' rate of pay will increase in stages from £5.20 to £6.70 per hour by next January, under the terms of a deal agreed with the Transport and General Workers Union.
Parliament cleaners receive pay rise
Cleaners at the Houses of Parliament are to receive a pay rise, after settling their long-running pay dispute. The workers' rate of pay will increase in stages from £5.20 to £6.70 per hour by next January, under the terms of a deal agreed with the Transport and General Workers Union.
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