New Delhi: Top CEOs globally, including in India, got a 9 per cent pay rise in real terms in 2022, while global workers took a 3 per cent pay cut over the same period, a report showed on Monday.
About 150 top-paid executives in India received an average of $1 million last year, a 2 percent increase in real terms from 2021.
A single Indian executive earns more in just four hours than an average worker earns in a year.
Employees worked an average of six days “for free” last year because their wages lagged behind inflation — while real pay for top executives in India, the UK, the US and South Africa rose 9 percent (16 percent if not adjusted for inflation). New analysis from Oxfam, published on International Workers’ Day, reveals
One billion workers in 50 countries saw an average pay cut of $685 in 2022, a collective loss of $746 billion in real wages, compared to if wages had kept pace with inflation.
According to the report, women and girls spend at least 380 billion hours each month in unpaid care work.
Female workers are often forced to work lower paid hours or drop out of the workforce altogether due to their unpaid care workload. They face gender-based discrimination, harassment and lower pay for work of equal value as men, the findings found.
“While corporate bosses tell us we need to keep wages low, they are paying themselves and their shareholders a lot. Most people are working longer hours for less and can’t keep up with the cost of living,” said Amitabh Behar, Interim Executive Director of Oxfam International. Md.
Years of austerity and attacks on trade unions have widened the gap between the rich and the rest.
“The only rise workers have seen is in unpaid care work, the responsibility of which is shouldered by women,” says Behar. “This incredibly difficult and valuable work is done free of charge at home and in the community.”
Dividends to shareholders already hit a record $1.56 trillion in 2022, a 10 percent real-term increase over 2021.
“Workers are tired of being treated like scapegoats whenever there’s a crisis. The neoliberal logic blames inflation on everyone but profit-making corporations,” Behar said.
Governments should stop relying solely on interest rate hikes and austerity which we know ordinary people, especially those living in poverty, are suffering.
Instead, they should introduce a top tax rate of at least 75 percent on super-rich corporate bosses to discourage skyrocketing executive pay, and a windfall tax on excessive corporate profits, he noted.
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