Bailey is on near £500k pa and still thinks people on £21k should avoid a pay rise. He could hardly accept a £4k pay rise and tbh it means practically zero to him. He would loose 45% in tax regardless.
Bailey is on near £500k pa and still thinks people on £21k should avoid a pay rise. He could hardly accept a £4k pay rise and tbh it means practically zero to him. He would loose 45% in tax regardless.
What a complete non-surprise.
Remember when Nintendo had a shit few years during the Wii U era, one year they didn’t hit targets and all the senior management halved their pay to account for this. We should have the same policy for thes bank.
That is very much people earning respect. I would wholeheartedly be praising Bailey for doing anything like this. I get that Bailey is taking a lot of flak for something out of his control. The measures Bailey has at hand will not reduce inflation under the current conditions imo. Many economists are staing this. But he needs to be mindful of regurgitating Tory BS. He has taken the spotlight away from the primary culprits who are sustaining this high inflation, and also putting a target on his back for when they are gone.
Specifically it was Satoru Iwata (the then President & CEO) who halved his own salary (as ‘an apology’), to make sure all the current employees had job security, and refused to order layoffs.
He also cut the salary of other Execs by 20-30% (I can’t find any info on the reactions from the then board members I imagine a bunch were pissed).