This video is called It’s growing: the gap between rich and poor in the US & UK.
From British daily The Morning Star:
Tale of two Britains
(Friday 06 June 2008)
Take, for example, Marks & Spencer, in popular perception a benevolent and kindly employer. And it’s quite true, if you happen to be on top of the heap.
Our friendly high-street retailer rejigged its non-contributory pension scheme last year by giving its 26,000 current staff the unenviable choice of either starting to put around 7 per cent of their wages as contributions to the kitty or facing a reduced rate of benefits accrual.
On Friday, however, the company reduced the growth target which triggers top executives’ socking great bonuses.
Previously, chief executive Sir Stuart Rose, who collected his knighthood last week, would have had to achieve 12 per cent growth above the rate of inflation over three years in order to trigger his 400 per cent of salary bonus, worth a cool £4.2 million plus.
Now, he only has to achieve 8 per cent to trouser that nice little earner, to add to his £1.13 million annual salary and some rather juicy share options.
Sir Stuart received a £80,000 pay rise in January, taking his base salary to £1.13m.
At the same time, marketing director Steve Sharp has received a £40,000 rise to £565,000 and finance director Ian Dyson saw his salary rise from £525,000 to £675,000. It’s certainly nice at the top in that firm, if a little chilly down below.
And Aviva, the insurance giant which owns Norwich Union, has a fairly similar pot boiling.
On Friday, the bosses announced job losses of around 1,800 out of its 30,000 workforce and that’s just a minimum, with the company expecting hundreds more to up stakes and follow the remaining jobs to wherever they are relocated, a prospect that the Unite union describes as “inconceivable.”
And that’s on top of 4,000 job cuts last year, at a time when the firm raised its interim dividend by 10 per cent.