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Bonuses Bumper City of before-financial a crisis back, TUC finds | Executive salaries and bonuses

Bonuses paid to UK bankers, insurance brokers and others financial sector workers hit a record high and rising more how six times above the average wage in UK, unions found.

The Trades Union Congress said its analysis showed that large bonuses to city leaders of before-financial crash back era even so much of the country is struggling with soaring cost of life ahead of wage growth.

Analysis of official figures showed bonuses in in financial and the insurance sector grew by 27.9% over in last year average salary in the same period increased by just 4.2%. nearly £6 billion was paid out. out in City bonuses in March alone.

Francis O’Grady, general secretary of The TUC stated: “There is no reason for such obscene city bonuses on best of times – not to mention during cost-of- life crisis. While the city leaders are raking it in, millions are struggling keep your head above water.

“Working people are on the verge of breaking left highly prone to sharp rise in bills after ten years of arrears in wages and a general reduction in credit. Ministers without hesitation in call for public The sector pays discreetly, but turns a blind eye to the City’s shocking excesses. It’s time to spend down bonuses at the top are not wages for other.”

O’Grady called for a series of curbing measures in City bonuses and push up wages throughout economy. They include introduction maximum pay ratios so bonuses are not more than 10% of total to pay; ensuring that bonus schemes are open to all employees on same terms; and ensuring the inclusion of workers on company pay committees.

Institute last month for Analytical Center for Financial Research found what a return of payouts in the bumper finance industry meant that the top 1% highest-paid workers have moved away from the rest of UK workforce in the biggest boom in City bonuses and payments since 2008 financial a crisis.

Average bonus awarded in the finance and insurance sector rose to £4,021. in in first three months of this is year, up from £3146 in same period last year, showed TUC analysis. In contrast, the average monthly wage in UK rose to £2,413 up from £2315. These numbers put city bonuses in first place. highest since records began, dwarfing the median wage in almost all industries.

In March, financial and insurance bonuses amounted to 2.4. times more than the average worker basic monthly fee. They were higher than average basic monthly fee in any other sector of in economy, with exception of Mining.

research comes like cost-of- life crisis deepens, with annual rate of inflation at 9%, while the regulator Ofgem announces that energy price cover should rise on more than £800 in autumn. This follows a 54% increase in April, and the average annual household electricity bill will increase to £2,800.

Real wages throughout economy, adjusted for inflation are down at £68 per month compared with a year back. The situation is even worse for public sector workers whose monthly real wage on an average of 131 pounds lower.

In addition to finance and insurance, other industries are turning to one-off pay for hire more people in conditions of labor shortage, which can prevent more sustainable growth in payment according to TK.

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His analysis showed record bonus payments in number of sectors, including professional, scientific and technical services, real property, arts and entertainment, administrative and support services, construction, wholesale trade accommodation and catering.

TUC calls government to overcome the crisis by introducing fair pay agreements in various industries and providing trade unions with access to workplaces to educate employees about benefits of union membership.

He wants the minimum wage to be raised immediately to at least £10 an hour. for all employees, regardless of of age, and named for “Decent salary increase” for all public service workers. it also repeated his calls for increase in number of bank holidays, stating that British workers have fewer than people in Another countries.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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