CWU general secretary calls for a high pay commission to investigate inflated salaries
David Woods, September 16, 2010
The Communication Workers Union (CWU) has called on the TUC to set up a high pay commission to shadow the work of Mervyn King's Low Pay Commission and investigate high pay across the whole economy, particularly the difference between the highest and lowest pay within top FTSE 100 companies.
The union announced its Motion 27 yesterday at the TUC conference minutes before the governor of the Bank of England, Mervyn King, addressed trade union delegates.
Billy Hayes, CWU general secretary, said: "Executive pay is out of control in the UK. The blatant double standards in pay for those at the top of companies compared to those at the bottom is outrageous and leads to dissatisfaction and a divided society of haves and have-nots.
"In Royal Mail for example, the ex-chief executive Adam Crozier was paid £2.48 million in wages, pension and bonuses last year while delivery staff got £16,238. It would take a postman or post woman 150 years to earn what Crozier received in one.
"Will Hutton's review is welcome but desperately limited. It omits publicly-owned companies like Royal Mail as well as the whole of the private sector where the greatest excesses and inequalities exist. Over the past 10 years the average remuneration of a FTSE 100 CEO increased by 295%, compared with a rise of just 44% for employees.
"If we're serious about tackling inequality and bringing stability to the economy then private sector pay and the bonuses which reward risk-taking in the city but be scrutinised. Name, shame and change this corrupt system."