23/11/2001
Survey reveals growing pay disparity
A new survey by human resource consultancy William M Mercer has revealed a growing disparity in pay between the boardroom and the shop floor.
While chief executives in the UK retail sector can expect to receive a salary of around £212,000 on average, individuals working as shop assistants for the same companies are coming home with less than £10,000 per annum.
On a worldwide basis, the survey also found substantial differences in statutory minimum wages. In the US, the minimum wage is $5.15 per hour, just above the European Union (EU) average. By contrast, Brazil's workers can expect to earn a minimum of just 37 cents an hour, while workers in Vietnam earn just 20 cents an hour.
Within the EU, Luxembourg has the highest minimum wage, with Portugal and Spain paying their workers the lowest amount.
"The arrival of the Euro next January will increase the transparency of pay differentials and labour costs across Europe," commented Mercer consultant Lynne Delewski. "This could prompt further competition between countries, with employees demanding pay parity in certain sectors."
The advent of the Euro also will have implications for multinational companies. "More accessible cross-border comparisons of pay and labour costs could influence multinational companies when locating new or expanded premises across Europe. In the long term, the free movement of labour across Europe could have a levelling effect on wage differentials, as will changing unemployment and inflation rates," Ms. Delewski added. (CL)
While chief executives in the UK retail sector can expect to receive a salary of around £212,000 on average, individuals working as shop assistants for the same companies are coming home with less than £10,000 per annum.
On a worldwide basis, the survey also found substantial differences in statutory minimum wages. In the US, the minimum wage is $5.15 per hour, just above the European Union (EU) average. By contrast, Brazil's workers can expect to earn a minimum of just 37 cents an hour, while workers in Vietnam earn just 20 cents an hour.
Within the EU, Luxembourg has the highest minimum wage, with Portugal and Spain paying their workers the lowest amount.
"The arrival of the Euro next January will increase the transparency of pay differentials and labour costs across Europe," commented Mercer consultant Lynne Delewski. "This could prompt further competition between countries, with employees demanding pay parity in certain sectors."
The advent of the Euro also will have implications for multinational companies. "More accessible cross-border comparisons of pay and labour costs could influence multinational companies when locating new or expanded premises across Europe. In the long term, the free movement of labour across Europe could have a levelling effect on wage differentials, as will changing unemployment and inflation rates," Ms. Delewski added. (CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
30 September 2005
Minimum wage rises to £5.05 from Saturday
The increase in the National Minimum Wage will guarantee a small pay rise to more than 1.3 million workers from Saturday 1st October. The adult rate will increase from £4.85 to £5.05 per hour, while the youth rate, paid to 18-21 year-olds, will go up from £4.10 per hour to £4.25.
Minimum wage rises to £5.05 from Saturday
The increase in the National Minimum Wage will guarantee a small pay rise to more than 1.3 million workers from Saturday 1st October. The adult rate will increase from £4.85 to £5.05 per hour, while the youth rate, paid to 18-21 year-olds, will go up from £4.10 per hour to £4.25.
11 March 2002
Employers urged to address issue of equal pay
Employers have been urged to apply for a Castle Award, the new mark of excellence which will reward employers’ efforts in tackling equal pay issues.
Employers urged to address issue of equal pay
Employers have been urged to apply for a Castle Award, the new mark of excellence which will reward employers’ efforts in tackling equal pay issues.
04 March 2002
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
04 November 2005
Bosses pay rises up to six times faster than employees
A survey of top company bosses pay has revealed that salaries have increased by 18% in the last year. The survey of 1,000 top directors conducted by Income Data Services showed that around half had incomes in excess of £1 million and a few received remuneration packages put at £5 million a year.
Bosses pay rises up to six times faster than employees
A survey of top company bosses pay has revealed that salaries have increased by 18% in the last year. The survey of 1,000 top directors conducted by Income Data Services showed that around half had incomes in excess of £1 million and a few received remuneration packages put at £5 million a year.
25 January 2005
Disclosure rules on directors' pay 'working', claims Minister
Better disclosure on directors' pay is leading to "improved dialogue" between companies and shareholders according to research published today by the Department of Trade and Industry (DTI).
Disclosure rules on directors' pay 'working', claims Minister
Better disclosure on directors' pay is leading to "improved dialogue" between companies and shareholders according to research published today by the Department of Trade and Industry (DTI).
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.