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23/11/2001
Survey reveals growing pay disparity
A new survey by human resource consultancy William M Mercer has revealed a growing disparity in pay between the boardroom and the shop floor.
While chief executives in the UK retail sector can expect to receive a salary of around £212,000 on average, individuals working as shop assistants for the same companies are coming home with less than £10,000 per annum.
On a worldwide basis, the survey also found substantial differences in statutory minimum wages. In the US, the minimum wage is $5.15 per hour, just above the European Union (EU) average. By contrast, Brazil's workers can expect to earn a minimum of just 37 cents an hour, while workers in Vietnam earn just 20 cents an hour.
Within the EU, Luxembourg has the highest minimum wage, with Portugal and Spain paying their workers the lowest amount.
"The arrival of the Euro next January will increase the transparency of pay differentials and labour costs across Europe," commented Mercer consultant Lynne Delewski. "This could prompt further competition between countries, with employees demanding pay parity in certain sectors."
The advent of the Euro also will have implications for multinational companies. "More accessible cross-border comparisons of pay and labour costs could influence multinational companies when locating new or expanded premises across Europe. In the long term, the free movement of labour across Europe could have a levelling effect on wage differentials, as will changing unemployment and inflation rates," Ms. Delewski added. (CL)
While chief executives in the UK retail sector can expect to receive a salary of around £212,000 on average, individuals working as shop assistants for the same companies are coming home with less than £10,000 per annum.
On a worldwide basis, the survey also found substantial differences in statutory minimum wages. In the US, the minimum wage is $5.15 per hour, just above the European Union (EU) average. By contrast, Brazil's workers can expect to earn a minimum of just 37 cents an hour, while workers in Vietnam earn just 20 cents an hour.
Within the EU, Luxembourg has the highest minimum wage, with Portugal and Spain paying their workers the lowest amount.
"The arrival of the Euro next January will increase the transparency of pay differentials and labour costs across Europe," commented Mercer consultant Lynne Delewski. "This could prompt further competition between countries, with employees demanding pay parity in certain sectors."
The advent of the Euro also will have implications for multinational companies. "More accessible cross-border comparisons of pay and labour costs could influence multinational companies when locating new or expanded premises across Europe. In the long term, the free movement of labour across Europe could have a levelling effect on wage differentials, as will changing unemployment and inflation rates," Ms. Delewski added. (CL)
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