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 Â£12.74 if it had kept pace with chief executive pay.
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.
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.”