Socialist Worker

Fattest cats in Europe

Issue No. 1760

Britain's bosses

Fattest cats in Europe

BRITAIN'S FAT cats are the fattest in Europe, while manufacturing workers here are the lowest paid in any major industrialised country. The huge gap between British bosses and workers was revealed in research published last week by Management Today magazine.

Top company executives in Britain have an average "package" of pay, share options and bonuses worth �509,019 a year. Bosses' pay has risen by 29 percent since the last survey in 1999. Fat cats in Britain now get an average 33 percent more than those in France, who are the second highest paid in Europe.

Only US corporate executives, who average �1 million a year, do better than those in Britain. Manufacturing workers in Britain, however, are the lowest paid in any major industrial country.

Their equivalents in France get 20 percent more. British workers also continue to work the longest hours in Europe.


Lapping up the cream

TWO SENIOR bosses implicated in the Equitable Life pensions scandal have grabbed increased bonuses. Some 950,000 Equitable Life pension policy holders have had the value of their pensions slashed by up to 16 percent. Alan Nash, who quit as Equitable chief executive last December, has pocketed bonuses of �385,000 and gets a guaranteed �90,000 a year pension.


LOTTERY firm Camelot has given a staggering handout-to its own boss. Camelot chief executive Diane Thompson got an �870,000 payout from the firm.


GERALD CORBETT, former head of Railtrack, pockets a 50 percent pay rise to �370,000 a year in his new job as head of Woolworths, plus a �500,000 bonus this year. He grabbed a �1.3 million payoff when he quit Railtrack


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News
Sat 4 Aug 2001, 00:00 BST
Issue No. 1760
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