Could this idea work?

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A topic from News & Current Affairs: Political

#90232Thu 24/01/08 17:34

Many people on the political left seem to believe that the high salaries commanded by many plc directors and others are unjustified. While I believe in the market, I can't help thinking that certain people have too much power over their own pay. I have come up with an idea. I must emphasize that I don't necessarily believe that my idea offers the right solution but I'd like to use it as a basis for a discussion on "fat cat" pay.

My idea is this: in any one company or organization, the maximum pay any one person could receive could not exceed a multiple of 66 times the pay of the lowest paid individual pro rata to the standard working week for the organization.

To ensure no cheating, the following would apply:

• Contractors to the company or organization would be included in the pay determining equation
• If the lowest paid person was under 21 and his/her pay was less than the minimum wage for someone 21+, their pay would be deemed to be minimum wage at 21+ for the purposes of the equation
• If anyone in the company could receive a bonus, everyone in the company would be entitled to earn a bonus on the same terms and conditions. That is, if the board of directors could earn a 20% performance-related bonus, then everyone down to the lavatory cleaner could earn a 20% performance-related bonus. Of course different jobs need different criteria to determine performance but these differences would have to be fair.
• Prize money for sports events, payments to celebrities for speaking engagements, etc. would count as pay.

If the lowest paid person was on minimum wage, the highest paid person could earn about £750,000. That ceiling could be raised by raising the pay of the lowest paid person. Some companies might consider that worthwhile.

What I don't like about my scheme is that it's just more bureaucracy. What I do like is preventing massive and seemingly unjustified pay rises and bonuses. I am rather of the opinion that this is an insoluble problem. What do others think?

deleted:devamaraThu 24/01/08 17:39

how did you come up with the figure 66?

and what would you do with the surplus money from the top dogs who are taking a pay cut?

certainly I agree with everyone recieving the same pay bonus / increase

markusfThu 24/01/08 17:41

Sorry cant agree, believe in free market.

If the chairman of Direct Line gets paid £18m a year, or Tesco or Waitrose......why not......obscene possibly, not in my opinion, market forces dictate how long they stay in that position, we know how quick shareholders and boards turn on the chairperson when they need a scapegoat....

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