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SECTION 1 2 3<br />
WHAT CAN BE DONE<br />
In South Africa, a platinum miner would need to work for 93 years just to earn<br />
their average CEO’s annual bonus. 318 In 2014, the UK top 100 executives took <<br />
home 131 times as much as their average employee; 319 only 15 of these<br />
companies have committed to pay their employees a living wage. 320<br />
Today’s combination of indecently low wages for the majority and scandalously<br />
high rewards for top executives and shareholders is a recipe for accelerating<br />
economic inequality.<br />
Labour’s declining share of income<br />
FIGURE 9: Share of labour income in GDP for world and country groups 321<br />
70<br />
65<br />
60<br />
55<br />
50<br />
45<br />
40<br />
World<br />
G20 High Income<br />
G20 Middle and Lower-middle Income<br />
Groups not in G20<br />
Since 1990, income from labour has made up a declining share of GDP across all<br />
countries, low-, middle- and high-income alike, while more has gone to capital,<br />
fuelling growing material inequalities between the haves and the have-nots.<br />
According to the International Labour Organization (ILO), policies that<br />
redistribute income in favour of labour, such as increases in the minimum<br />
wage, would bring significant improvements in aggregate demand and growth,<br />
while also reducing poverty and inequality. 322<br />
Percentage<br />
1990<br />
1992<br />
1994<br />
1996<br />
1998<br />
2000<br />
2002<br />
2004<br />
2006<br />
2008<br />
2010<br />
2012<br />
It would take a<br />
South African miner<br />
93 years<br />
to earn their average CEO’s<br />
annual bonus<br />
><br />
73