Pay gulf widens
WORKERS' PAY is running below inflation while company executives' pay soars. Independent pay analyst IRS says that pay settlements in Britain averaged 3 percent in the three months to June. Inflation is running at 3.3 percent. Meanwhile a report on top pay by the Monk Partnership firm shows that a chief executive in a FTSE 100 stock exchange listed company now earns on average �643,000.
- CHRIS GENT, chief executive of Vodafone, is due to appear at the company's annual general meeting this week to try and justify his astronomical salary.
Gent has just bagged a �10 million bonus on top of his �1.36 million salary and �2 million in shares. He says the money is somehow performance related. Critics say the money is really his slice for the takeover of the German Mannesmann company earlier this year.
A corporate analyst says: "These executives are trying to pull the wool over people's eyes. So they're creating increasingly complex schemes to get themselves paid more and more."