Socialist Worker

99% get pay cuts under the Tories

...but fat cat bosses get 50% pay rises

Issue No. 2288

A shocking 99 percent of workers suffered below-inflation pay deals last year, according to a new report from the TUC.

It shows that, in the 12 months up to September 2011, just six out of 482 pay settlements were equal to or above inflation.

The pay squeeze hit workers both in the public and private sectors. It means that millions of ordinary people have had their wages cut in real terms.

And for many, attacks on pay began as early as 2008.

The government would have us believe that “greedy workers” are to blame for the crisis.

But the TUC report shows that the share of Britain’s wealth spent on wages has dropped dramatically. Meanwhile the rich have grabbed more money.

The amount paid in wages was £60 billion less in 2011 than it was in 1978 (in today’s money).

Over the past three decades workers have lost the equivalent of £1.3 trillion.

Pay for the poorest 20 percent of workers has dropped by an astonishing 43 percent since 1978.

Meanwhile bosses’ profits have risen in the same period.

Between 2007 and 2011, the salaries of top executives rose by nearly a quarter. In 2010 alone the payments to directors of FTSE 100 companies rose by a staggering 50 percent.

The Tories want to take everything we’ve got—and they hope to get away with it by scapegoating workers. But millions can see through their lies.

Government attacks on pensions will, if forced through, make the situation even worse.

That’s why the fight against the pensions attacks is so important—and why unions must call more strikes as soon as possible.

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Sat 4 Feb 2012, 00:00 GMT
Issue No. 2288
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