Cap excessive salaries to save jobs during pandemic

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Excessive salaries should be capped to raise wages for lower-paid workers and to help save jobs, according to a new report.

Think tanks Autonomy and the High Pay Centre called on the UK government to take action, suggesting that a maximum wage of £100,000 could redistribute money equivalent to more than one million jobs.

If only the top 1% of earners were targeted then nine million low and middle income workers would have their wages boosted, said their report.

Mass lay-offs would not be necessary during the current virus crisis if the very rich were paid a little less, it was suggested.

Let’s be honest – earning anything more than £100,000 a year is by most people’s standards extremely excessive, especially during an economic crisis where millions are being made unemployed

A minimum wage of £10.50 an hour could be achieved if a salary cap of £187,000 was introduced, affecting the top 0.6% of earners and giving pay rises to more than three million workers, research indicated.

Autonomy also released new polling which it said showed public support for the introduction of a maximum wage cap of £100,000.

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