We've just heard the annual blast of the Confederation of British Industry(CBI) trumpet against the level of the national minimum wage. At £5.52 per hour the bosses' organisation reckons it's way too high. Perhaps in Fat Cat Heaven - aka China - where workers do as they told for tuppence an hour it might be but not in the UK where a cup of coffee can cost £3. The truth is that it's directors pay which is surging ahead.
Total earnings for directors at the top 350 listed companies rose 9.6% in 2006 to £1.3 million, for directors of FTSE 100 companies, and £624,341 for those of FTSE mid-250 firms. Earnings for FTSE 100 chief executives rose 43%, from 2005 to 2006, to £2.9 million. Someone on the £5.52 minimum wage earns £220.80 for a 40 hour week or £11,481.60 a year. Well obviously that is far too much and it's time the minimum waged voted for a pay cut to benefit the poor struggling bosses who are suffering so much. Alternatively the CBI should stop bleating about paying the poor too much and offer up prayers that many of their witless members have made an accidental landing on Planet Lucky.
