Sunday, 10 March 2013

A 'bog standard' £400k

The Observer 10th March 2013 interviewed eleven City of London finance workers to seek views on the EU plan to restrict payouts. What was weird was the fantasy land in which these people live - except it's not a fantasy, it is the reality. One man in his 30's said “If you are a bog standard trader you make maybe £400k of which £150k is base pay”. He went on to point out that the cap would reduce his total remuneration by £50k & that would not encourage him to move abroad. One other in his mid 40's queried whether, if his pay was drastically cut by this cap, he would want to go on getting up at 5a.m & not finishing work until 8p.m. Can someone tell us in what other job can a 'bog standard' 30yr old make £400k per annum? Anyone on average earnings has to work for 15yrs to make £400k. And as for working from 5am to 8pm a hell of a lot of cleaners, hotel workers & others do that for less than a total of £25k per annum because they need two jobs on mimimum wage to make ends meet. It is not the politics of envy to suggest that this delusion in the financial world about what a proper entitlement for effort is worth must be fixed.

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