Salary and Pay 2015
Much is true in this article on pay inequality; I have watched this growing exponentially since the 1980's. I began work at Thomas R Miller & Son (now Thomas Miller & Co) in the City in 1967 on a salary of £1000 a year, when at that time an average CEO's (then called a managing director) salary was only five times as much - £5000 a year. By the early1980's, although then a partner, I was still only earning £25,000 a year. The big changes began in 1986 when 'Big Bang' allowed American financial institutions to buy up the City - the banks, insurance companies and stockbrokers - and soon introduce bonuses. Bonuses built into one's employment contract were an anathema to old-established businesses and were regarded as immoral - both in the giving of them, as they were liable to twist a person's performance in a particular unintended direction - and the receiving of them. We would have felt insulted to be offered a bonus when we already worked as h...