This is how long you need to work before you earn one banker’s annual bonus – warning: it’s not pretty

According to Trades Union Congress (TUC) analysis released today, it will take a working lifetime before the average worker in the South West will earn what one highly-paid UK banker receives for their annual ‘well done’ bonus.

Using the most recent figures reported by the European Banking Authority that reports on bankers’ earnings and bonuses, a highly paid banker in the UK received an annual bonus over £1.1 million (£1,115,314) in 2017.

However, when compared with the median average earnings of a worker the South West for that year (£21,797), the federation of trade unions calculate it would take 51 years on that salary before an individual earns a banker’s bonus. 

Using this analogy, many constituencies in the South West face working well into retirement before they reach these heady sums.

Given the persistently low wages in the area, workers in Weymouth and Portland would have to work 75 years before they earned the £1 million+ bonus. Other areas who also have to work beyond retirement include the Forest of Dean, many parts of Devon and Cornwall, and several coastal towns.

The TUC South West say this is indicative of how the types of jobs in many coastal and rural communities are limited, often poorly paid and with fewer routes to progress. 

Record pay for bankers but most workers still down on pay

Earlier this year, the TUC reported that real wages in the finance sector had jumped up by almost £120 a week since 2009.  However, most other sectors are still down, with the average worker in the South West lagging behind by £19 per week.

Workers in health and social work, and the education sector are facing bigger losses at £36 less per week than a decade ago, with most manufacturing and construction jobs also down.

Commenting, Nigel Costley, TUC regional secretary of the South West said:

“Many of us dream of winning the lottery, especially as we get closer to Christmas. But bankers – the architects of the financial crash – are winning every year on record salaries and bonuses.

“£1 million can buy a lot of things – in this case, one average worker’s entire salary until retirement.

“Banks brought this country to the brink. And working people had to salvage the economy with their hard-earned wages, through pay freezes and salary sacrifices, to reduced public services and cuts to school funding. And many are still feeling the pinch.

“Workers deserve a much fairer share of the wealth they create. We need to see a clamp down on bankers’ salaries – especially when the economy is stagnating.

“And we need to see wages rising again for everyone. Not just the millionaires.”

The TUC is calling on all parties to put working families first. 

They must:  

• Get wages rising faster for everyone - not just the boardroom 
• Ban zero-hours contracts and guarantee everyone the security at work we need  
• Rebuild our NHS and the public services we all rely on – and don't cut taxes for the rich.