Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/931/24197

From The Socialist newspaper, 11 January 2017

Bosses earn average annual salary in under three days

'Fat Cat Wednesday' - take the wealth off the 1%

'The subsidised mineowner - poor beggar!' Cartoon from a 1925 trade union magazine, photo Wikimedia (Creative Commons)

'The subsidised mineowner - poor beggar!' Cartoon from a 1925 trade union magazine, photo Wikimedia (Creative Commons)   (Click to enlarge)

Carl Harper, Peterborough Socialist Party

Top bosses had earnt more than the 28,200 median salary by around midday on 4 January - 'Fat Cat Wednesday'.

According to the figures from High Pay Centre, the average FTSE 100 chief executive now earns more than 1,000 an hour. These bosses now typically earn 129 times more than their average employee.

Figures for 2015 showed that average annual pay for a FTSE 100 boss was 5.5 million, or 401 times that of a minimum wage worker.

The Fat Cat Wednesday calculation is based on bosses starting back at work after Christmas on 2 January, based on median FTSE 100 chief executive pay of 4 million in 2015.

The hourly pay rate of 1,009 is calculated based on bosses working 12 hours a day, including three out of every four weekends, and taking fewer than ten days' holiday a year.

Undoubtedly some bosses do work extreme hours. But so do many nurses in our struggling NHS, doing far more useful work for a tiny fraction of the pay.

And the gulf in pay is undoubtedly larger. Official pay figures downplay the army of workers in insecure, precarious work, since the average is based on those who have been in their job for at least a year.

Frances O'Grady, leader of the Trade Union Congress, apparently responded by calling for Theresa May to honour her promise to put workers on boards. How about building for coordinated strikes against austerity?

And why just token workers on boards? Why shouldn't workers own and control the lot?

As long as super-rich minority owns and controls the top corporations, they'll use them for private profit. Nationalise them under the democratic control and management of workers, so the working class can plan what we make to meet the needs of all!

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 11 January 2017:


NHS in meltdown

NHS in meltdown

NHS in meltdown from spending cuts - demonstrate on 4 March!

Sustainability and Transformation plans - a repackaging of cuts

Worcestershire hospital deaths expose NHS crisis


Socialist Party comments and reviews

Football abuse scandal: Reclaim the game for justice and accountability

Book review: Spy drama gives insight into capitalist coup plot


What we think

Strikes show workers' power


Socialist Party news and analysis

'Cash for ash' scandal set to bring down Northern Ireland government

May slams 'economic inequalities' Tory policies created

Blair's multimillion plans to fight 'populism'

Bosses earn average salary in under three days

What we saw

Them & Us: 500k house party... 50p for rent


Labour Party

Haringey: pressure grows as Labour council cuts

Sick of sham consultations - give us a real fightback

Khan should attack bosses, not workers


Socialist Party workplace news

Tube strike solid in fight for jobs and safety

Support BA cabin crews' strike for fair pay

Sham Royal Mail pensions consultation - action needed

Unison legal battle looks into allegations 'Team Dave' broke rules during general secretary election

Workplace news in brief


Socialist Party reports and campaigns

Build the resistance against Trump

Socialist Party national women's meeting

2016: A record-breaking fighting fund year!

Closing of the children's centres could cost lives


International socialist news and analysis

Palestine/Israel: Everyday life under occupation


 

Home   |   The Socialist 11 January 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Wealth:

triangle30% of people on inadequate incomes in UK

triangleUniversal basic income - what do socialists say?

triangleBabies in poverty are twice as likely to die

triangleSuper-rich shareholders cause of pension deficits

triangleEight billionaires own as much as half humanity!

Socialist Party:

triangleWolverhampton & Black Country Socialist Party: How would socialism work?

triangleBirmingham South East Socialist Party: The Battle of Cable Street

Profit:

triangleHealth cuts responsible for rise in deaths - reverse all austerity now

Super-rich:

triangleA world to win - give us the resources!

Rich:

triangleForeign aid's not the problem - it's capitalist thieves

Nationalise:

triangleWhat we saw

Army:

triangleSyria: Is an end to the war in sight?

Austerity:

triangleWorkplace news in brief

Minimum wage:

triangleArgos fails to pay staff minimum wage - taxman cuts fine in half!

Nurses:

triangleFight for our health service!

News and socialist analysis

News and socialist analysis

22/2/17

Wages

30% of people on inadequate incomes in UK

22/2/17

NHS

Support the NHS? Join the march!

22/2/17

The Socialist

What we saw

22/2/17

Fees

Stop the student loan sell-off - scrap all fees

22/2/17

Minimum wage

Argos fails to pay staff minimum wage - taxman cuts fine in half!

22/2/17

Health

Health cuts responsible for rise in deaths - reverse all austerity now

16/2/17

Aslef

Aslef members reject Southern deal - now for coordinated action to fight to win

15/2/17

Socialist Students

Socialist Students: growing, brimming with confidence

15/2/17

NHS

March to save #OurNHS

15/2/17

Local government

Council cuts can be fought - and they must be!

15/2/17

Benefits

Super-rich subsidised

15/2/17

Prisons

Prison deaths scandal: invest in better inmate and staff conditions

15/2/17

Refugees

Save child refugees, fight the cuts

15/2/17

EU

Corbyn needs to stand up to Brexit rebels

11/2/17

Welfare

60 Years After Beveridge Welfare reform - back to the future?

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle22 Feb Support the NHS? Join the march!

triangle22 Feb Thousands more protest and plan to walkout

triangle22 Feb February revolution 1917 - what lessons for today?

triangle21 Feb Dublin: #JobstownNotGuilty

triangle17 Feb Tata pension deal: 'Gun to the head' offer accepted

triangle16 Feb Aslef members reject Southern deal - now for coordinated action to...

triangle15 Feb Socialist Students: growing, brimming with confidence

More ...

triangle26 Feb Wales Socialist Party conference

triangle27 Feb Leeds Socialist Party: Building the Socialist Party in Leeds

triangle27 Feb Nottingham Socialist Party: The inspirational life of Eleanor Marx

triangle27 Feb Birmingham Central Socialist Party: NHS cuts - What do The Tories' STP plans involve?

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice