TUC comment on Directors'

pay survey

Commenting on the IDS Directors' Pay Report 2007 published today (Monday), which found that the average total earnings of FTSE 100 chief executives have doubled over the last five years to a new record of £3.2 million, TUC General Secretary, Brendan Barber, said,
'Britain's top directors clearly have no shame. Year in, year out they have been paying themselves far bigger rises than they are prepared to pay their staff while lecturing the rest of us on the need for low taxes. It beggars belief that they are somehow working twice as hard as five years ago.
'It is time the rest of us gave a big raspberry to all their hand-wringing excuses of needing the incentives and matching the international going rate. It would at least be honest if they say they paid themselves these rises because they can.
'This is not just morally offensive greed, it is bad for the rest of society too. The growth of a new class of the super-rich, semi-detached from the rest of society, hits social cohesion, feeds into house price inflation and harms staff loyalty and commitment.'

This makes the Local Government pay offer of between 2.475 and 3.4% a joke only nobody is laughing !