A TD has called for a "dramatic narrowing" of the wage gap between bosses and employees and has proposed a number of measures to combat the growing inequality in Irish society.
Solidarity TD Mick Barry's appeal came after research by the Irish Times showed that the bosses of the 20 largest companies in Ireland (ISEQ 20) are paid on average 33 times more than their staff.
The survey of the 20 largest listed companies in the Republic showed that the salaries for the 20 largest bosses in Ireland in the most recent accounts increased by 5.25% to € 35.8 million while the salaries of employees with 2.5 % have risen.
It found that the remuneration of chief executives rose from € 34.09 million to € 35.88 million, while the remuneration of employees in these companies rose from € 13.35 billion to € 13.69 billion.
This means that the average remuneration for an ISEQ 20 CEO is now € 1.88 million per year, compared with an average payment rate for ISEQ 20 employees of € 55,595, a difference of 33 to 1.
Responding to the figures Deputy Barry said that capitalism created a society of extreme inequality in Ireland and internationally.
"The pay gap between bosses and employees is a good example of this inequality, and although they are responsible for actually creating the prosperity of the nation, working people receive only a fraction of it in the form of wages. In In Irish society you have to look at measures that drastically reduce this wage gap. "
Deputy Barry said that measures that need to be considered include a sharp rise in the minimum wage, the introduction of a maximum wage and the introduction of a millionaire tax.
Average remuneration of a CEO in one of the 20 largest companies in Ireland with € 1.88 million last year. Time for a debate about a maximum wage?
– Mick Barry TD (@MickBarryTD) August 20, 2018
– Digital desk