Are you envious of other people's salary? Then vote Labour! Nobody will earn more than £350k!
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
£350k is enough for anyone - says Labour!
Collapse
X
-
£350k is enough for anyone - says Labour!
Old Greg - In search of acceptance since Mar 2007. Hoping each leap will be his last. -
Originally posted by Zigenare View PostAre you envious of other people's salary? Then vote Labour! Nobody will earn more than £350k!
Is that per week?
Before deductions?
They should put it on the side of a bus.…Maybe we ain’t that young anymore -
Originally posted by Zigenare View PostAre you envious of other people's salary? Then vote Labour! Nobody will earn more than £350k!
It's public sector Chief Execs only, and it's tied to the living wage, so as employees earn more, so do they.
Originally posted by https://www.bbc.co.uk/news/election-2019-50474345Shadow chancellor John McDonnell has said workers and consumers would "take back control" under a new business model if Labour wins the election.
In a speech in Westminster, he said company boards would include workers and elected members, giving them greater influence over pay structure.
And public sector chief executives would not be allowed to earn more than 20 times someone on the living wage.
That would mean a maximum salary of about £350,000.
The plans were part of an overall vision to create a business model that was not based on the "unfettered pursuit of profit maximisation"."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
-
So, you're running your 100 million quid business, and you need a CEO that has experience of running businesses of that magnitude. You find a guy, he's damn good, boosting profits of numerous businesses from 100mil to 500mil in just 2 years. Even if he cost 100mil he'd be worth it, to mitigate risk and maximise profit.
But you can only pay him £350k under the law.
Meanwhile another business that's only 5 million quid needs help. They can't pay much, but they can pay £350k since that's chump change.
What happens next? :S
Likewise with it being public sector, the NHS needs a guy to fix their leaky ship that's pissing money away, but they can only pay £350k whereas a private firm can pay £3,500,000 + bonus... all the talent leaves the public sector...
At least they can get Capita in to sort it out, I guess.Comment
-
Originally posted by FIERCE TANK BATTLE View PostSo, you're running your 100 million quid business, and you need a CEO that has experience of running businesses of that magnitude. You find a guy, he's damn good, boosting profits of numerous businesses from 100mil to 500mil in just 2 years. Even if he cost 100mil he'd be worth it, to mitigate risk and maximise profit.
But you can only pay him £350k under the law.
Meanwhile another business that's only 5 million quid needs help. They can't pay much, but they can pay £350k since that's chump change.
What happens next? :S
Likewise with it being public sector, the NHS needs a guy to fix their leaky ship that's pissing money away, but they can only pay £350k whereas a private firm can pay £3,500,000 + bonus... all the talent leaves the public sector...
At least they can get Capita in to sort it out, I guess.
start with Public Sector CEO's then quickly use that to extend into the private sectorComment
-
Originally posted by filthy1980 View Postalso it's about setting benchmarks and precedents
start with Public Sector CEO's then quickly use that to extend into the private sectorYour friendly neighbourhood VirtualMonkey - Not giving financial advice since...well...ever.Comment
-
Comment
-
Originally posted by FIERCE TANK BATTLE View PostSo, you're running your 100 million quid business, and you need a CEO that has experience of running businesses of that magnitude. You find a guy, he's damn good, boosting profits of numerous businesses from 100mil to 500mil in just 2 years. Even if he cost 100mil he'd be worth it, to mitigate risk and maximise profit.
It's the same with wine. Does a £500 bottle of champers really taste 5 times as good as a £100 bottle. (The answer is no, for the benefit of poor people).
Once you get to the executive level of major companies it's not so much to do with ability. It's just a way of keeping score, and those executives who fail just get another appointment with massively high remuneration. Take a look at what's happened with the Thomas Cook board members.
* There are of course some with a proven track record, but they're a very small minorityDown with racism. Long live miscegenation!Comment
-
Originally posted by NotAllThere View PostI'm not really convinced by that argument. First of all, it's rarely one individual who brings profit in, it's usually a combination. And even where it appears to be, it's damn hard to prove it was anything he did*. And finally, is he really worth 2000x more than the chump on a 50K salary?
It's the same with wine. Does a £500 bottle of champers really taste 5 times as good as a £100 bottle. (The answer is no, for the benefit of poor people).
Once you get to the executive level of major companies it's not so much to do with ability. It's just a way of keeping score, and those executives who fail just get another appointment with massively high remuneration. Take a look at what's happened with the Thomas Cook board members.
* There are of course some with a proven track record, but they're a very small minorityYour friendly neighbourhood VirtualMonkey - Not giving financial advice since...well...ever.Comment
-
Originally posted by FIERCE TANK BATTLE View PostSo, you're running your 100 million quid business, and you need a CEO that has experience of running businesses of that magnitude. You find a guy, he's damn good, boosting profits of numerous businesses from 100mil to 500mil in just 2 years. Even if he cost 100mil he'd be worth it, to mitigate risk and maximise profit.
But you can only pay him £350k under the law.
Meanwhile another business that's only 5 million quid needs help. They can't pay much, but they can pay £350k since that's chump change.
What happens next? :S
Likewise with it being public sector, the NHS needs a guy to fix their leaky ship that's pissing money away, but they can only pay £350k whereas a private firm can pay £3,500,000 + bonus... all the talent leaves the public sector...
At least they can get Capita in to sort it out, I guess.
Even that isn't really going to help as there is a big shortage of frontline staff like doctors and nurses. It's easy to say, pay lots more in salaries to staff but it needs to come out of higher taxes. Lots of people say they want better public sector services but won't pay more tax for it. It's also too simplistic to say that all the talent works in the private sector. There are a lot of good people in the public/not for profit sector who have moved over from senior level private sector jobs.
There are plenty of examples of private sector companies that pissed money away before going out of business so they're no different to the public sector - there are good efficient organisations and bad inefficient ones.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment