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SECTION 1 2 3 WHAT CAN BE DONE 2.2 Businessmen pass an official union demonstration against low wages and lack of benefits for cleaners in the City. London, UK (2007). Photo: Panos/Mark Henley WORKING OUR WAY TO A MORE EQUAL WORLD Income from work determines most people’s economic status. 317 The reality for many of the world’s poorest people is that no matter how hard they work they cannot escape poverty, while those who are already rich continue to see their wealth grow at an ever-increasing rate, exacerbating market inequalities. 72
SECTION 1 2 3 WHAT CAN BE DONE In South Africa, a platinum miner would need to work for 93 years just to earn their average CEO’s annual bonus. 318 In 2014, the UK top 100 executives took < home 131 times as much as their average employee; 319 only 15 of these companies have committed to pay their employees a living wage. 320 Today’s combination of indecently low wages for the majority and scandalously high rewards for top executives and shareholders is a recipe for accelerating economic inequality. Labour’s declining share of income FIGURE 9: Share of labour income in GDP for world and country groups 321 70 65 60 55 50 45 40 World G20 High Income G20 Middle and Lower-middle Income Groups not in G20 Since 1990, income from labour has made up a declining share of GDP across all countries, low-, middle- and high-income alike, while more has gone to capital, fuelling growing material inequalities between the haves and the have-nots. According to the International Labour Organization (ILO), policies that redistribute income in favour of labour, such as increases in the minimum wage, would bring significant improvements in aggregate demand and growth, while also reducing poverty and inequality. 322 Percentage 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 It would take a South African miner 93 years to earn their average CEO’s annual bonus > 73
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JEFFREY SACHS Director of the Earth
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ACKNOWLEDGEMENTS The paper was writ
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The widening gap between rich and p
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