City bosses warn on pay as minimum wage closes in on graduate salaries
https://www.ft.com/content/b436f945-be2b-47ff-ad80-b94540a4d077
Posted by 457655676
City bosses warn on pay as minimum wage closes in on graduate salaries
https://www.ft.com/content/b436f945-be2b-47ff-ad80-b94540a4d077
Posted by 457655676
11 Comments
Getting a 30-35k job as a graduate 10+ years ago was a decent whack to start your career on. Now you can barely afford to live in a bedsit on that wage.
Free link isn’t working for me so I’ve not read the article.
My assumption is the city bosses are going to push for minimum wage to be reduced rather than graduate salaries increased
City bosses should be warned, to up their graduate salaries.
Graduates wages should be higher, employers see no reason to increase them as there’s such a huge supply of graduates competing for roles. One third of graduates end up working in a job that didn’t require a degree. You fix the problem by culling some of the most unemployable degrees and universities and/or by increasing the amount of skilled employment available to graduates.
One way of increasing the supply of graduates level jobs would be to reduce import of workers who compete with graduates. Labour promised to do this in their manifesto – they said industries would have to demonstrate a commitment to domestic training and reducing reliance on foreign labour. One of the most shocking failures of the UK right now is people are studying medicine degrees here then struggling to get NHS work despite the NHS having a huge amount of imported labour.
The problem is we have too many graduates. Salaries should be based on the job, and “entry level” jobs in so many industries need a degree now for no reason.
That, and wages haven’t grown in 15 years. Everyone is underpaid.
Then city bosses need to pull their fucking chequebooks out and pay people. I support a living wage but if people are willing to go into debt to get into a career there needs to be financial incentive
When accounting for inflation, my father’s graduate salary as a newly qualified engineer (not yet with a Masters or chartered status) was 90k. He never earned that number though, so he essentially got progressively more qualified and lower paid. I’m obviously ignoring the very nice final salary pension scheme and his triple lock pension
If minimum wage is closing in on graduate salary perhaps, I don’t know, increase graduate salary.
I mean, how dare people earn the bare minimum and make graduates wonder why the bother working for a bank be treated like crap when they could get a job in a garden Center or a pet shop, or pretty much anywhere for the same wage and less hours/stress.
I think graduate pay not increasing in recent years and the housing problem are both, at their core, supply and demand issues.
Housing is simple; demand is much higher than supply. I don’t understand why people struggle with this concept.
Graduate pay on the other hand is a supply issue. There has been far too much supply of graduates for the jobs market. There simply aren’t enough graduate jobs to go in to in this economy, so the value of their labour goes down.
Also, this ties in rather nicely with why the working class are largely against immigration. Immigration decreases the value of their labour by increasing the supply of available labour.
It begs the question why pay more when there are so many other people willing to work for less?
Oi, fuck nuts.
The answer is to stop paying your fucking grads tree-fiddy, not that the minimum wage needs to stop going up.
It’s entirely **your** cost cutting that’s causing the two to merge.
City bosses should increase graduate salary rather than trying to cap the entire nations salary because of their greed and shareholders.