Rising CEO salaries, widening inequality gaps and continuing working class passivity

21 Jun

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Memo from NZ working class to the  bosses? Memo from NZ working class to the bosses?

by Philip Ferguson

On Monday (June 15) the NZ Herald published the latest figures on CEO salaries.  The paper noted, “The bosses of New Zealand’s biggest companies enjoyed an average pay rise of 10 per cent last year, their biggest bump since 2010.”  By contrast, the average wage and salary earner gained an average increase of only 3 percent and many workers have not had a pay rise at all.  Moreover, as Council of Trade Unions secretary Sam Huggard noted the same day, “Half of New Zealand’s households receive no more income, in real terms, than a generation ago.”


The highest-paid executive is ANZ New Zealand CEO David Hisco who was paid $4.27 million, up about $250,000 from the previous year.  This is the same guy who last October was offering bank workers a 2 percent pay rise, while he was on…

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