BusinessPeople In BusinessRich get richer as wage gap grows

Rich get richer as wage gap grows

Executive wages have been growing at a far greater rate than the lowest paid, resulting in two-thirds of the work force earning below the average weekly wage.

Link: TUC wants boost in minimum wage

This was the stark findings of the latest report by Income Data Services, which put the average weekly wage at £465 before taxation.

All the figures point to an increasing rosier position for the wealthiest high-earners; they have seen their salaries go up by 54% in the last 10 years, compared to just 45.6% for those on the lowest rung.

In addition, the introduction of the minimum wage in 1999, while boosting the position of the lowest paid, has done nothing to bridge the gap.

The report also found that over the past year, pay deals have been stable, ranging between 2% and 3% in most private firms and between 3% and 4.5% in the public sector.

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