In any given year, a FTSE 100 CEO will 'earn' the lifetime salary of a Bangladeshi garment worker by Jan 3rd. We’ve reached the monopoly money stage of capitalism. All money is now monopoly money.
All money is monopoly money. Money represents power not value. And every day the powerful slice off more and more money, or power, for themselves. For no reason but that they are in charge, so they can. The mediocre have taken over.
The UK CEO compared to other countries ordinary workers
A FTSE 100 CEO ‘earns’ at a ratio of 120:1 against an ordinary worker in the UK. If you think that’s bad, let’s look at a couple of even more extreme comparisons.
Vietnam
“In the first quarter of 2024, the average monthly salary for paid workers and employees was about 8.5 million Vietnamese Dong”.
So yearly salary is (8.5mx12) 102m VND or £3170.
The UK CEO ‘earns’ £4,190,000 p.a. The UK CEO, in any given year, would only need work till January 14th to ‘earn’ the equivalent of the entire working lifespan of an ordinary Vietnamese mortal.
Bangladesh
“The Bangladeshi government has formed a Wage Board to revise the minimum wage for the country’s RMG (ready-made garment) sector, which employs roughly 4 million garment workers. The current minimum wage of 8,000 Taka…”
So yearly salary is (8000×12) 96000 BDT or £632.
The UK CEO ‘earns’ £4,190,000 p.a. The UK CEO, in any given year, would only need work till January 3rd to ‘earn’ the equivalent of the entire working lifespan of a Bangladeshi garment worker. A job I doubt very much many CEOs would even be capable of doing.
All money is monopoly money.