An analysis of bank CEOs pay against those of other workers paints a less than impressive picture.
On average, their take home a year is over 50 times what their staff earn.
For some banks, the pay difference is as huge as close to 200 times the average.
Financial reports for the public listed banks in last financial year ending December 2017, have made rather expected but shocking revelations.
Chief executives of public listed banks have basked in the glory of sterling performance, made all the more impressive by the fact that it came despite the rate capping law that adversely affected their interest income.
But an analysis of the CEOs pay against those of other workers paints a less than impressive picture.
On average, their take home a year is over 50 times what their staff earn. For some banks, the pay difference is as huge as close to 200 times the average. The picture is even grimmer when contractual workers, paid close to the minimum wage a month, are factored in.
While there is nothing wrong with the way the banks choose to remunerate their executives, it is certainly immoral that the workers, who are deep in the trenches doing the heavy lifting, are not rewarded as well as their bosses.
In any organisation, workers are the most crucial cogs. But with these skewed remuneration structures, we can’t help but wonder if the lenders are alive to the signal they are sending to their staff.
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Note: The results are not exact but very close to the actual.
