Union blasts pay gap on minimum wage anniversary

Lower paid workers' pay has lagged so far behind their rich bosses says one union that the minimum wage would now be a whopping £12.74 if it had kept pace with chief executive pay.

Thursday, 4th January 2018, 11:38 am
Updated Thursday, 4th January 2018, 11:45 am
Tim Roache of the GMB

On the twentieth anniversary of legislation to introduce the national minimum wage - an investigation by GMB, Britain’s general union, reveals it would be £5.24 per hour higher than at present for those workers aged 25 or older, which represents an additional £11,835.20 per year for a worker on 40 hours per week.

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The national minimum wage is currently £7.50 an hour. The results were calculated using High Pay Centre figures showing FTSE 100 CEO average pay is now £4.35m a year – compared to £1.23m when the NMW came in – and increase of 354 per cent.

Tim Roache, GMB General Secretary, pictured, said: “The national minimum wage was a hugely important step for working people in this country - and its anniversary should be a cause for celebration of how far we’ve come.

“But this twentieth birthday risks being marred by the growing pay gap between workers and company bosses.”