Friday, May 18th, 2012
Ed Hart hails nuns and others who fight to increase minimum wages paid by the FTSE companies who fill their big boots but keep their consciences parked on empty
In a world that often seems to have lost any kind of moral compass, it is good to know that some investors are beginning to rail against the excess and undue reward for the few as they fight to increase minimum wages.
The wages of sin
The same nuns – who gave Goldman Sachs a hard time for doling out £43m to five impoverished executives by describing it as “sinful” – are gearing up for an
assault on the level of workers’ wages.
A living wage, whatever next?
Sister Nora Nash of the Sister of St Francis of Philadelphia is leading a group of religious investors.
They have an investment portfolio of £13bn – among them Methodists, members of the United Reform churches and the Joseph Rowntree Trust – who are signatories to a letter which calls on all FTSE 100 companies to pay workers’ at least £7.20 an hour.
The letter states: “Research and business leader testimony has shown that paying a living wage is in the best interests of companies. Benefits include stronger staff retention, significant falls in absenteeism, and improved morale.”
The invidious divide
The campaign, which is run by ethical investment group Fair Pensions, claims that 3.5m workers in Britain are paid less than £7.20 an hour– the figure
described as the minimum required to meet their basic needs.
The minimum wage presently stands at £5.93 which entitles recipients to enjoy all the fruits of wage slavery – enough to subsist on – but no more.
A moral imperative
Sister Nora said: “While executive compensation spirals out of control, so does the number of people who suffer from food insecurity throughout the world.
Companies have a moral obligation to be accountable, to consider equity and justice for the worker.”
All this may seem quaintly unfashionable as the world’s financiers continue to stuff their pockets but it shows that in the absence of political will or private conscience – at least the religious have got the courage to tackle this iniquity.
Do you support the fight to increase minimum wages or do you think it’s just not on during a world downturn. Comments welcome
Ed Hart is wowdewow economics editor.
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Tags: basic needs, fuse companies, increase minimum wages, iniquity, moral compass, moral obligation, religious investors, sinful, staff retention, undue reward, wage slavery
Rich people need to remember that they will have to give an account to God. The following song is based on the Bible, Luke 16 v 16-31.
A Cautionary Tale
A rich man had a house in town, with luxury complete;
Outside his door a beggar sick lay rotting in the street.
The rich man’s servants brought each day his dinner, piping hot;
Dogs came and licked the poor man’s sores – all the relief he got.
Death turned the situation round; a team of angels blessed
Conveyed the beggar’s spirit to a place of peace and rest.
It was a handsome funeral, the rich man’s friends would tell;
But while they talked of his success, his spirit groaned in hell.
He saw the beggar far away, and called for him by name
To bring some water to relieve his torment in the flame.
But no, it was impossible! Nor could ne bid him go
To warn his brothers, lest they come to join his place of woe.
So all you rich, take warning from the things that Jesus said.
Your money, fame and property won’t help you when you’re dead.
While life and breath are in you, use the power your wealth can give
To help the needy in the place and world in which you live.
I can e-mail an MP3 recording to anyone who is interested.