SIR – With the news that executive pay has reached 162 times the average worker’s wage, following a 15% pay rise for the top 100 bosses in the UK, isn’t it time to consider a “maximum wage?”
A report by the High Pay Centre think-tank called on the Government to take “radical action” to close the gap by requiring companies to cap executive pay at a set multiple of the money earned by their lowest-paid employees.
The average annual pay of the 100 top executives reached £4.5 million in 2013, while in four out of five new jobs are in sectors averaging less than £16,640 a year for a 40-hour week. The hourly £6.31 minimum wage leads to an annual salary of just £13,124 for an employee in a full-time job.
David Hornsby, West View Avenue, Wrose
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