CWU says the 'the greed game has gone on too long'
22nd November 2011
For immediate release
CWU says the 'the greed game has gone on too
long'
The Communication Workers Union welcomes today's High Pay
Commission report and says "the greed has gone on too
long".
Billy Hayes, CWU general secretary, said:
"Executive pay has been out of control for some time in the
UK. We've been warning about the effect that it has on the
morale of workers and the whole of society by creating gross
inequality.
"CEO pay in the UK is 170 per cent higher than the average
in the rest of the world and this gap is increasing. From 1949 to
1979, the proportion earned by the top 0.1 per cent decreased from
2.5 percent to 1.3 per cent. But over the past decade, earnings by
the top 0.1 per cent have increased by 64.2 per cent, while average
pay went up by just 7.2 per cent," Billy explained.
"The government should adopt the High Pay Commission's
12-point plan to restructure executive pay. These are practical
actions to bring fairness, transparency and accountability.
"Big business leaders say big bonuses lead to better
results - not true - the big bonus culture encouraged the reckless
risk-taking that sent us into recession.
"They claim that the best talent is being lured abroad -
not true - not one FTSE 100 company has had its CEO 'lured'
abroad in the past five years.
"There are too many John Plutheroes with the ability to
award themselves massive bonuses regardless of company performance
which ultimately put jobs and services at risk. The greed game has
gone on too long. It's time for fair wages for all, not more
for the rich and forget the rest."
-ends-
For more information, please contact:
Sian Jones, Press Officer, E: sbjones@cwu.org T: 020 8971 7267 M: 0779 3314249
