The Equality Trust has responded to speculation that the Government is set to introduce requirements for top companies to publish, and explain, the pay ratio between their CEO and average worker. Dr. Wanda Wyporska, Executive Director of The Equality Trust, said:
“This would be a positive step towards fair pay and greater equality in the workplace. The best way to tackle businesses paying bosses millions, but their workers peanuts, is to turn the spotlight on them.
“In fact, the pay of top bosses has already started to inch down, in part because of the embarrassment faced by those forking out huge sums to underperforming CEOs. However pay ratios also allow us to see which companies are allowing the gap to widen between executives and staff.
“Huge pay inequality drives the UK’s obscene levels of economic inequality, unravelling the social fabric and the ties that bind us. If we can measure this inequality through pay ratios, we can begin to fix it, and build an economy, and businesses, that benefit the many not the few.”
The Equality Trust is a registered charity that works to improve the quality of life in the UK by reducing economic inequality. UK income inequality is among the highest in the developed world and evidence shows that this results in poorer mental and physical health, higher violent crime, poorer educational outcomes and lower levels of trust. Inequality affects us all. For further comments or to arrange an interview, contact info@equalitytrust.org.uk