Bankers’ pay has risen more than three times as fast as nurses’ pay since the 2008 financial crisis, according to the TUC.
Pay and bonuses for those working in the finance and the insurance sector had risen by an average of 6% a year in nominal terms – without taking inflation into account – since 2008 compared with a rise of less than 2% a year for nurses, midwives, and paramedics.
On average nurses now earn £32,934 a year according to the TUC, up from £26,123 in 2008. This compares with average pay of £80,390 for those employed in finance and insurance sectors, a near-doubling of their average 2008 pay of £43,901.
Paul Nowak, general secretary of the TUC, said, “At a time when ministers are telling dedicated public servants they can’t have a pay rise, they’re letting City executives take home ever bigger sums.”
The TUC said the government’s failure to increase nurses’ pay in line with inflation had left them facing a £42,000 loss in real earnings since 2008. That figure is even higher for midwives and paramedics, who are said to be facing an estimated loss of £56,000.
Separate analysis by the TUC found that bonuses in finance and the insurance sector have reached a record £20,000 a year on average – which it said was almost one-and-a-half times the average pay collected by teaching assistants. Average City bonuses increased by 101% in cash terms between 2008 and 2022. It estimates the latest annual bonus pot (2022) for workers in the finance and insurance sector is £18.7bn.
Bankers’ pay rises three times as fast as nurses’ since 2008 crash, TUC finds | Executive pay and bonuses | The Guardian
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