Harringay, Haringey - So Good they Spelt it Twice!
Hospital cleaners are worth more to society than elite City bankers
Hospital cleaners are worth more to society than elite City bankers, according to new analysis from nef. Their new report, A Bit Rich?, uses new quantification techniques to calculate the value created for society by a range of different professions.
For each, the authors measured the conventional economic returns, such as the number of jobs created, as well as key environmental impacts, including climate change effects, and social impacts, for example contribution to individual or community well-being. Weighing up the positive and negative economic, environmental and social impacts produced an overall result for each occupation.
The results revealed that the more poorly paid jobs - hospital cleaners, recycling workers and childcare professionals - were more valuable to society than the highly paid jobs, high-earning City bankers, advertising executives and accountants helping the most wealthy individuals and companies avoid tax.
The research highlights the fact that, at the moment, salaries are a very poor indicator of the contribution a job makes to society and that some of the most valuable roles are the least well-paid. nef believes that we need a pay structure which recognises all aspects of value and rewards those jobs that create most benefit to society, rather than rewarding work which generates profit at the expense of society and the environment.
For each, the authors measured the conventional economic returns, such as the number of jobs created, as well as key environmental impacts, including climate change effects, and social impacts, for example contribution to individual or community well-being. Weighing up the positive and negative economic, environmental and social impacts produced an overall result for each occupation.
The results revealed that the more poorly paid jobs - hospital cleaners, recycling workers and childcare professionals - were more valuable to society than the highly paid jobs, high-earning City bankers, advertising executives and accountants helping the most wealthy individuals and companies avoid tax.
The research highlights the fact that, at the moment, salaries are a very poor indicator of the contribution a job makes to society and that some of the most valuable roles are the least well-paid. nef believes that we need a pay structure which recognises all aspects of value and rewards those jobs that create most benefit to society, rather than rewarding work which generates profit at the expense of society and the environment.
Replies to This Discussion
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Permalink Reply by james walsh on
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Hugh i posted this ages ago and got jumped on remember ?
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Permalink Reply by John D on
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I don't think you were jumped on James. I just pointed out that the NEF was considered to be a bit suspect in the in-touch-with-reality department.
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I am a voice in the wilderness.
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Permalink Reply by Steve Hatch on
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Did anyone hear that howling noise???
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Permalink Reply by John McMullan on
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OK, a trader makes 5 million dollars by buying and selling flowers carefully for a year. According to their employer they are entitled to a 10% commission. Do you think they should get a 1% commission? Who should the other 9% go to, their capitalist employer? Shareholders?
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Permalink Reply by rahman on
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Unfortunately as admirable a job as it is Hospital porters do not do much to generate the economy, and would be paid even more poorly if bankers did not create business and pay so much in taxes so that there could be an NHS. Unfortunately, that is reality, however unpalatable it is to moral conscience.
The top 1% of earners pay 25% of all income tax, and the top 10% of earners pay more than 50% of the income tax that this government generates overall. That's something to think about.
http://news.bbc.co.uk/1/hi/magazine/8417205.stm
Are we also benefitting from the bankers earnings?
Does anyone want to answer that question truthfully?
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How exactly do bankers 'create businesses'?
Also, the idea that publicly funded services depend on taxes from the private sector is one way of looking at it - but how far do you think the private sector would get without 'public' goods like an educated, healthy population, a transportation system, a clean-ish environment.
That's not to mention all those things that people do for free like raising their children. How profitable do you think a private sector company would be if it had to cover the costs of toilet training all its employees?
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Trader working for a bank generates three million pounds. They get 15% of this. They pay 40% in tax at source (i.e. PAYE) and uncapped employer NIC contributions. The company keeps the rest to pay other costs and shareholders etc.
TESCO generate three million pounds, pay half their staff minimum (i.e. without the minimum wage it would be less) wage and no share of profits except for senior execs. People on minimum wage are supported by the government through tax credits as it's not enough to live on. Profits go offshore and hardly any is paid in tax as it's easier to hide corporate profits than it is employee's PAYE.
Public goods are in effect paid for by the overpaid as they cannot avoid the tax. They don't "need" to work in England, Tesco do.
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Permalink Reply by Birdy_Too on
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Good to see out comrade Mr Bragg causing a stir:
Bragg Article
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Yes the Taxpayers Alliance are backing him too. He's in good company.
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You see even the neo-con, tax evaders are furious, which is slightly hypercritical. It's only the bankers and the 'friends of bankers' sub groups who fully support such filthy bonus schemes. You are in my black book John, come ou® day, make yourself scarce :)
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