REAL wages have fallen by more than £1,600 in the North-East and £2,300 in Yorkshire since 2010, says a leading union.
According to new analysis published by the TUC today (Monday, February 16) average pay has dropped by 6.3 per cent in the North-East and 8.7 per cent in Yorkshire and Humber in real terms between 2010 and 2014. It equates to losing £30 a week for the average full-time employee.
While at the same time, pay for FTSE 100 bosses has leapt up 26 per cent in the same period, to an additional £700,000.
The TUC estimates that it took a FTSE 100 CEO less than two working days, on average, to earn what most full-time workers in the region earn in a year.
The figures have been released to mark the beginning of Fair Pay Fortnight, which runs until March 1.
TUC North East Regional Secretary Beth Farhat said: “Even though inflation has fallen sharply in recent months, it is still going to take years for people’s earnings just to recover to their pre-recession levels.
“It is different story though for those at the top. Senior city executives have seen a huge boost in their fortunes since the election as their wages have skyrocketed in real-terms.
“This is why we are organising Fair Pay Fortnight, to raise awareness about pay inequality and to call for a sustainable recovery in which everybody shares.”
The TUC is campaigning for a higher minimum wage, greater extension of the living wage and higher pay settlements in the public and private sector.
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