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Indians feel CEOs should be paid less
Context:
- Oxfam’s report titled ‘Reward Work, Not Wealth’ found that the richest 1% in the world owns more wealth than the whole of the rest of humanity.
- 82% of all growth in global wealth in the last year went to the top 1%, while the bottom half of the world’s population saw no increase at all.
What are the findings of the Oxfam’s report?
- According to report, the richest 1% in India accounted for 73% of the wealth generated in the country last year.
- The wealth of India’s richest 1% increased by over 20.9 trillion during 2017 which is an amount equivalent to the total budget of the Central government in 2017-18.
- Across all countries, respondents think CEOs should on average take a 40% pay cut.
- In countries like the U.K., U.S. and India, respondents think CEOs should take a 60% pay cut.
- Because, CEOs in India earn a shocking 483 times more salary.
- It has been further calculated that approximately two-thirds of billionaire wealth is the product of inheritance, monopoly and cronyism.
- In countries like India and the Philippines, at least one in every two workers in the garment sector are paid below the minimum wage.
