12 January 2017, The Tablet

What fat-cat salaries show is the overemphasis placed on the importance of money


 

Two weeks into 2017, and the top executives who head the FTSE 100 companies have already earned an extraordinary £80,000 apiece. That is according to analysis by the High Pay Centre, which pointed out that by the fourth day of January these highest flyers would already have made the same amount the average worker makes in a year, namely £28,200.

So who are these astonishingly well-paid individuals? You will probably not be shocked to hear that the majority of them are men, but you might be a little surprised to hear how few of them are women. Just seven – that’s right, seven – of these CEOs are female. Forgive me if I hammer that point home: 93 of the 100 “fat cats” whose pay packets came in for such widespread criticism last week were men.

The gender divide was not mentioned in many papers because this was not really a story about the inequality of the sexes, it was a story about inequality generally. These top CEOs receive 324 times as much income as a care worker, 172 times more than a nurse, 145 times more than a teacher and 401 times more than a recipient of the minimum wage. And – surprise, surprise – the majority of those care workers and nurses, and a large number of those teachers, are female.

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