Every now and then there is a big row about someone’s income or bonus.
I think that we need a change of culture about money.
The fact that someone has ‘earned’ a lot of money says that the ‘customer’ has been overcharged along the way or as ‘buyer’ the business has underpaid a supplier. These questions need to be asked as they affect the cost of living for the vast majority of people, and in some cases as to whether they survive or not.
Take for example footballers. Part of the reason they get large sums is that their career as a footballer is short, due to either injuries or age, but yet they still don’t need that sort of money, as they can get another job after their time is up in that sector. These high salaries mean that the clubs have to charge large amounts of money for the fans to attend matches.
Another example is with the supermarkets and suppliers. Because they buy in ‘bulk’, suppliers are often at their mercy over prices paid. In some cases this causes them to go bankrupt eventually and the supermarkets then have to go overseas. And this happens in all sectors.
Then there is the issue as to why someone needs so much money. And from that is the ‘ethics’ of what one does with all that money. Is it all about self, or is it about using it to serve and help others less fortunate than you? If it is about self, it shows how deep one’s insecurity as they are ‘worshipping’ money and never will have enough as one’s desires get greater, the more one has. Then there is the curious situation where senior staff are paid bonuses, even when a business makes a huge loss!
Maybe, we need legislation to change all this, and not just in the area of taxation like getting rid of tax heavens. Being a generous person that I am, maybe a limit of £1 million a year should trigger a situation whereby any income from whatever source above that amount should be re-distributed to charities, or setting up of businesses to create jobs which are creative, enjoyable and well-paid (especially overseas). Maybe, bonuses should only be paid if the company makes an actual profit after taxes. What about reducing prices! I am sure others have other ideas – do let me know about them.