Minimum Wage News

Ten days before Christmas, the Chairman of a house building company, Persimmon Homes, quit due to what he deemed as obscene bonuses being awarded to senior executives. The CEO, Jeff Fairburn, was awarded a £110m performance bonus – which is largely due to the Persimmon’s involvement in tax-payer backed help-to-buy scheme – and the Chairman believed some of this should be given to charity and bonuses should be capped. 

It is estimated by the Guardian that £4.6m could house the 58 homeless families in York, Mr Fairburn’s hometown, and £61m could house every homeless family in Yorkshire. The bonus has been scrutinised by MPs and could be a tipping point towards introducing pay-ratio reporting to highlight and address the income inequality between the highest and lowest earners.