Some of the big bosses’ salaries do not know the crisis despite the epidemic, and that makes people talk. Particularly in companies which, at the same time, restructure and cut jobs.
Example with the American GE, ex-General Electric which is cutting 13,000 jobs worldwide, part of which in France, the Villeurbanne and Belfort sites are concerned. Unions and local elected officials are strangling, because at the same time, the boss Larry Culp, he is certain to pocket a bonus of $ 47 million minimum. Like what this is not the crisis for everyone.
On the other side of the Channel, there is even a symbolic date during which we denounce the pay differentials. It’s January 5, nicknamed the “fat cat tuesday”, which could be translated as “Tuesday of the bigwigs”, a small nickname given by the High Pay Center think tank which denounces the pay differentials.
Why January 5? Because on that date according to them, in just five working days, the big bosses have already reached the average British income per year, the equivalent of 37,732 euros. The method of calculating the circle of reflection is disputed because it mixes average salary and median salary, but this does not prevent the goal from being reached: to point the finger at the impressive surge in the highest salaries when the average salary of the British stagnates. desperately.
Overall, the salaries of the big bosses fell last year – in France in any case – 10% less in 2020 among the bosses of the CAC 40 according to the specialized firm Proxinvest. Why ? Because many of the leaders of the largest French companies have given up part of their bonus because of viruses. It should be noted, however, that this decrease comes after a record year 2018.
Some executives also waived a quarter of the fixed portion of their compensation last year, some for a few months, others for longer. This is the case at Safran, Air France or even Renault, LVMH and Michelin; as a sign of solidarity with their employees, who receive only 84% of their net wages on partial unemployment, and also to set an example, when at the same time they apply for loans guaranteed by the State. An initiative of the big bosses which, to our knowledge, has not been renewed for 2021.