Jeremy Corbyn wins economists’ backing for anti-austerity policies

Fella

Thrugelmir wrote: »

Dream on. The world of business is a ruthless environment. The UK has no power or influence over global forces. Globalisation will simply create further deflation with regards to unskilled work. Technology is already deskilling more and more jobs. Taking them down to a rudimentary level.

You are misunderstanding my point when I'm referencing globalisation. I'm saying that it's increasingly easy for companies to be based wherever they want & a high minimum wage is one more reason for them not to choose to be based in the UK.

Graham_Devon wrote: »

Since when have the majority of companies paid their staff more when they make higher profits?

Making higher profits is generally the only thing that leads to companies paying their staff more. Are you seriously suggesting companies increase wages when their profits fall?

Moby

The markets are collapsing.....must be Jeremy's fault.

cepheus

Jeremy Corbyn is a common sense, mainstream Keynesian, by Bryan Gould http://wp.me/pVJrF-bve

Graham_Devon

Fella wrote: »

Making higher profits is generally the only thing that leads to companies paying their staff more. Are you seriously suggesting companies increase wages when their profits fall?

No, I'm suggesting the majority of firms don't increase wages (bar for those at the top) regardless of profit (or indeed, loss).

Your Tesco checkout operator was on close to minimum wage in 2006 when tesco were making huge profits. They are close to minimum wage today. Profits have made no difference.

Apple store workers are not lavishing around on huge salaries. Yet apple profits are colossal.

princeofpounds

No, I'm suggesting the majority of firms don't increase wages (bar for those at the top) regardless of profit (or indeed, loss).

Indeed. Why would you? You only need to pay the marginal cost of the labour sufficient to staff your business with appropriately skilled people.

Fella

Graham_Devon wrote: »

No, I'm suggesting the majority of firms don't increase wages (bar for those at the top) regardless of profit (or indeed, loss).

Your Tesco checkout operator was on close to minimum wage in 2006 when tesco were making huge profits. They are close to minimum wage today. Profits have made no difference.

Apple store workers are not lavishing around on huge salaries. Yet apple profits are colossal.

What are you basing this on? I've worked in the private sector for 25 years & it's unusual for them not to raise wages every year. The same applies to most people I know.

Do you have some stats to back up your assertion that most firms don't increase wages?

Graham_Devon

Fella wrote: »

What are you basing this on? I've worked in the private sector for 25 years & it's unusual for them not to raise wages every year. The same applies to most people I know.

Do you have some stats to back up your assertion that most firms don't increase wages?

That's not what I said.

Your suggestion was (and I may have read it wrong) that the way to get employers to pay more to their staff is allow them to make larger profits.

Annual inflationary pay rises are something different - not really linked to profit, more linked to the fact we live in an inflationary environment. The company also has to increase pay to keep up with minimum wage levels (and you can't really just annually increase those on minimum wge and ignore everyone else).

There are some companies out there that do pay their staff more if they make greater profits, either through bonuses or general pay.

However, they appear to be in the minority.

ruggedtoast

Jeremy Corbyn knows that increasing wages increases demand!

:money:
:beer:

ruggedtoast

wotsthat wrote: »

Even in your worst nightmare you can't have imagined an early boomer as PM in 2020.

At this rate we'll have boomers running the country from care homes.

I was a bit disappointed to see that Jeremy Corbyn enjoys a 7 bedroom farm house as his family home. I was hoping he had a council flat which he had refused to buy, with a bar fire.

But I suppose his situation is normal for boomers and in any case when he gets into power we shall all be having 7 bedroom houses.

wotsthat

Graham_Devon wrote: »

Your Tesco checkout operator was on close to minimum wage in 2006 when tesco were making huge profits. They are close to minimum wage today. Profits have made no difference.

Presumably profits help fund the bonus scheme that was in place in 2006, 2007....?

There's currently an additional one-off 5% on offer if they meet targets this financial year.

What's good for employers is generally good for their employees too.