‘Workers’ North West pay down but bosses cash in’

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Average full-time pay in the North West fell by £2,461 in real terms since 2010, according to new analysis published by the TUC.

The research marks the beginning of Fair Pay Fortnight which runs to March 1.

In the last year, average pay has fallen by over £500. The average weekly loss to workers pay packets since 2010 is over £45 a week.

The TUC says that UK workers have endured the longest real wage squeeze since records began in the 1850s and that even with inflation falling sharply in recent months, at current rates of progress it will still take years for wages to recover to their pre-recession levels.

While average pay for workers in the North West fell by 8.9 per cent in real terms between 2010 and 2014, pay for FTSE 100 bosses shot up by 26 per cent over the same period, says the TUC.

FTSE 100 chief executives saw their pay increase, on average, by £700,000 in real terms between 2010 and 2014.

The average wage for a FTSE 100 CEO in 2014 was £3,334,000 – 132 times the average annual wage in the North West.

The TUC estimates that it took a FTSE 100 CEO just two working days, on average, to earn what most full-time workers in the region earn in a year.

TUC North West Regional Secretary Lynn Collins said: “Despite some signs of growth returning, 2014 was another miserable year for living standards in the North West.

“North West workers are still paying the price for a recession that they didn’t cause,” she added.

The TUC is organising Fair Pay Fortnight to raise awareness about pay inequality and to campaign for a higher minimum wage, greater extension of the living wage and higher pay settlements in the public and private sector.

A number of events and activities have been planned across the North West.

These include street stalls to talk to the public across the region and highlight the impact of low pay on local areas.

The TUC will be in Leyland and Blackpool to make the case for the Living Wage in these areas and talking to people in Manchester about the impact of low pay on younger workers.