Time to set a maximum wage?

Skin

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If the powers that be in the hierarchial circles of social partnership can determine what a minimum wage can be set at, then surely where there is a minimum, there is a maximum.

For some, 8.65 may not to bad a wage, particularly if its your first wage and you are young and single. But if you are married with a couple of kids, on one income its paltry.
Yet the powers that be have deemed that 8.65 is an acceptable wage to provide for the necessaires of every day livig (accepting there is also a Family Income Supplement) then they obviously have costed what is necessary to survive, i.e a roof over your head, a shirt on your back, food on the table and a few quid to save or squander.

If 8.65 has been set as the minimum wage, then what would an acceptable maximum wage be?
This is already occuring in the banking sector, so why not across all sectors?
 


selfemployedmar

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I would be bloody happy with 8.65 an hr jeez get real Ireland.. When is this madness of greed going to stop in this country
 

Akrasia

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Akrasia

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I think a maximum wage as a multiple of average wages is a good idea. Lets say 5x average wage is the 'maximum wage' (roughly 150k).


This could be set by the state by having a very high tax rate (say 85% on all income above this threshold)

This would mean if the rich want to pay themselves more, they have to pay their workers more first.

It would ensure a better distribution of wealth and there would still be incentive for people to work hard while preventing the kind of obscene wages we see at present. (nobody can say that they genuinely work 5 times harder than the average worker, there simply isn't that much of a difference between peak and mean human ability)
 

markpb

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If you set a maximum wage, people will lose the incentive to educate themselves, to work hard or even to stay in the country. If I work hard, why should I stay in Ireland when I could earn more abroad? If my boss has his wages capped, why should he grow his company and hire more people? How could that be a good thing for the country?
 

Defeated Romanticist

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I think a maximum wage as a multiple of average wages is a good idea. Lets say 5x average wage is the 'maximum wage' (roughly 150k).


This could be set by the state by having a very high tax rate (say 85% on all income above this threshold)

This would mean if the rich want to pay themselves more, they have to pay their workers more first.

It would ensure a better distribution of wealth and there would still be incentive for people to work hard while preventing the kind of obscene wages we see at present. (nobody can say that they genuinely work 5 times harder than the average worker, there simply isn't that much of a difference between peak and mean human ability)
The maximum wage ought to be 32,000. No-one should make more that average.
 

atlantic

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Right on,and the blackmarket would flourish .
If you set a maximum wage, people will lose the incentive to educate themselves, to work hard or even to stay in the country. If I work hard, why should I stay in Ireland when I could earn more abroad? If my boss has his wages capped, why should he grow his company and hire more people? How could that be a good thing for the country?
 

atlantic

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markpb

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This would mean if the rich want to pay themselves more, they have to pay their workers more first. It would ensure a better distribution of wealth and there would still be incentive for people to work hard while preventing the kind of obscene wages we see at present. (nobody can say that they genuinely work 5 times harder than the average worker, there simply isn't that much of a difference between peak and mean human ability)
It's not about ability, it's about worth to the company and demand for services. I worked in Londis stacking shelves. I could have been replaced by anyone so the demand for my services is pretty low. I didn't contribute much to the company. In my present job, I work on projects that are reasonably specific and generate tens or hundreds of thousands of euro profit each year. It might not be very socialist or egalitarian but it's the way things work.
 

atlantic

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C

caveman

Silly idea for the Private Sector and rank and file private sector. Wages have to fluctuate with house prices in particular and prices in general.

The Government and Public Sector management should be bench-marked to similar sized EU countries. This was announced in the budget, and I bet the EU are responsible. No way FF had this bright idea. Thankfully the EU might put manners on our government. BIFFO earning similar to Obama is a complete joke. He should be earning similar to the Greek PM. Assuming and hoping that he cannot top up his salary with typical FF corrupt funds.
 

atlantic

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During the middle of the budget speech,Minister Lenihan thanked a load of people, that didn't have very Irish surnames.So i think you are correct.
Silly idea for the Private Sector and rank and file private sector. Wages have to fluctuate with house prices in particular and prices in general.

The Government and Public Sector management should be bench-marked to similar sized EU countries. This was announced in the budget, and I bet the EU are responsible. No way FF had this bright idea. Thankfully the EU might put manners on our government. BIFFO earning similar to Obama is a complete joke. He should be earning similar to the Greek PM. Assuming and hoping that he cannot top up his salary with typical FF corrupt funds.
 

slx

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I think for baled out bank execs, there more definitely should be a maximum wage. I have no problem with a private company paying its staff whatever it likes (above the minimum wage), however, it gets ridiculous when a formerly private company expects the tax payer to fund it while it's paying huge wages to a bunch of executives who have completely failed and run the company into the ground.

This is not capitalism, it's cronyism and rewarding bad behaviour.

Public sector wages also need to be under public control, they're paid for by our taxes.

The wages of top execs at various state bodies are totally out of line with where they should be e.g. RTE's Director General and top management team on insanely huge wage thanks to the license fee payer, the recent scandals at FAS etc..

It all needs to be reigned in, these people are dipping into our pockets and taking OUR money.

In the private sector, at least people are actually generating wealth by making things, providing services etc and selling those at home and abroad.
 
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McEavelli

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The maximum wage ought to be 32,000. No-one should make more that average.
Anyone see the flaw in this?

If no one can earn more than the average, but one single person earns less than the average, then the average will fall. But no one can earn more than that falling average so everyone's earnings would fall to the new average. This process would repeat itself until everyone in the State was earning the minimum wage.

The only way to avoid that is to pay every single worker the average. Strangely, I don't think that would work.
 

Skin

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If you set a maximum wage, people will lose the incentive to educate themselves, to work hard or even to stay in the country. If I work hard, why should I stay in Ireland when I could earn more abroad? If my boss has his wages capped, why should he grow his company and hire more people? How could that be a good thing for the country?
Not so, if the maximum wage was set at say 150,000 as has been pointed out elsewhere, this would effect only a small percentage of the work force i.e. those that earnover this amount currently.

The maximum wage would set according to certain criteria. For instance lets say, 3% of the population earn 150,000 max. As the economy grows and demand for labour increases, typically the minimum wage might increase by 5% from 8.65 to just over 9 euro.
Similarily the maximum wage would increase by 5%, from 150,000 to 157,500.

If someone fees they could earn more by going abroad, let them off. The net effect of a maximum wage would, in good times, divert super profits back into society to provide for better services in health and education and better transport etc....

If someone wants to earn more abroad, but with a lower standard of living so be it. By virtue of the enhanced education system, this country will have plenty of people to replace to me feiner who would be as capable if not more so, than the me feiner.
 


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