Recent figures show businesses have increased their profits much faster than their workers’ wages, with finance leading that shift. But there is one sector of the finance industry where workers have maintained an above-average share.
- Research commissioned by BCCM shows financial-sector mutuals pay out 68pc of their earnings to their staff versus less than 30pc across the industry
- Mutuals say this is because they view staff as key stakeholders valued by their members
- Lower efficiencies of scale and less automation are also likely factors in the disparity
It is the cooperative and mutuals sector, where businesses are generally owned by their customers, or are sometimes a collective of producers or workers.
After reading a recent ABC News story that reported on the falling share of national income going to wages, and the rising share to profits, the lobby group for the sector,…