6 January 2020
The Green Party has called for new legislation to ensure chief executives are not paid more than ten times any of their workers as it was revealed FTSE 100 bosses earn 117 times the annual pay of the average worker.
Jonathan Bartley, co-leader of the Green Party, made the call on Fat Cat Day [Monday 6 January], the day of the year when bosses of the UK’s top 100 companies have already earned more than the typical worker earns in an entire year.
Green Party policy would legislate a 10:1 pay ratio between the highest and lowest paid workers in any company. Greens would also support the ban on any bonuses exceeding the annual wage of the lowest paid worker in the organisation granting the bonus.
The Party would also take action to address the gender pay gap (currently 8.9%), which sees men receive disproportionately higher salaries than female employees.
Jonathan Bartley said: “It is outrageous that fat cat bosses are taking home such vast amounts of money while many of their workers are struggling to make ends meet.
“Such huge disparities only serve to fuel the rampant inequality that is pulling away at the fabric of our society. A lower pay ratio would not only benefit both employees and the company itself, but would also help reduce the ever-widening inequality that is harming communities across the country.
“It is also vital that companies are doing everything they can to close the gender pay gap, which is why we would also want to see all large and medium size companies to carry out equal pay audits and redress and inequality uncovered.”