||Issue No. 302||07 April 2006|
The Cowra Clause
Interview: Head On
Unions: Do You Have a Moment?
Industrial: Vital Signs
Economics: Taxing Times
Environment: It Ainít Necessarily So
History: Melbourneís Hours
Immigration: Opening the Floodgates
Review: Pollie Fiction
Poetry: The Cabal
The Locker Room
Belly Spreads The Word
Lying Lies And the Lying Liars Who Tell Them
Uber Bosses Clean Up
Latest figures, from the Australian Council of Super Investors, confirm the median pay of CEOs at top 100 companies leapt by 34 percent between 2003 and 2004.
The figures endorse claims made in Workers Online, last year, that those CEO's are now trousering 90 times more than the average fulltime worker.
The Super Investors report, released last week, said the increases were driven by short-term bonus schemes and their size.
News Corp boss, Rupert Murdoch, headed the ACSI list, with $29.7 million for the year, while, for the first time, the annual earnings of the top 10 CEOs crashed through the $100 million barrier.
The Sydney Morning Herald quoted ACSI spokesman, Phillip Spathis, as describing the short-term bonus component of those earnings, which are not voted on by shareholders, as "worrying".
Spathis reiterated the core criticism of the practice, levelled by Unions NSW secretary John Robertson, that this element of executive remuneration was not linked to either the performance of the company or the recipient.
ACSI represents Super funds with more than $150 billion under investment.
Its report found found that part-time company directors had hiked their average remuneration to $143,973 a year, while part-time chairmen were knocking off more than $341,000.
The same day, Professor Barbara Pocock revealed that a survey sponsored by the Brotherhood of St Laurence, the LHMU and state union bodies, showed work no longer guaranteed Australians against poverty.
The first stage of the survey, into the lives of workers earning less than $14 an hour, studied the situations of cleaners and childcare workers.
Doctor John Buchanan, form the University of Sydney, warned that economic growth did not necessarily mean the low-paid would be better off.
He said that the 1990 had seen the strongest US growth figures in a decade but, over that period, workers who could support a family of four on a 40-hour income dropped from 28 to 24 percent.
Critics of the federal government have accused John Howard have taking Australia down the American economic path.
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