Devon Dick
TWO SUNDAYS ago, an Anglican preacher reminded his audience that during Egyptian slavery, the Egyptians were getting richer while the Jews got poorer. In addition, the Egyptians made the task harder for the Israelites.
Once, the enslaved used to get straw to make bricks and after a while they were told to improve their productivity, so they were not even given the straw and expected to make more bricks in a shorter time!
That story fits the present world wherein half of the working population earns less than US$2 a day. Whether it is the fastest growing economy in communist China or the strongest economy in capitalist U.S.A., ordinary workers are having a hard time.
However, reports surfaced that in some listed financial companies, the top management were appropriating yearly increases, which were way above inflation rate and the rate of increase in profits. One company shared $115M among three persons.
SPENDING PEOPLE'S MONEY
If that were taxpayers' money it would be deemed a scandal. However, some private sector leaders manage listed companies as if it was their private soup shop. But as Gleaner columnist Aubyn Hill reminded readers recently in addressing self-promoting ads of executives, that it is shareholders' money which is being spent and ought to be spent prudently.
The media will largely not analyse these pay packages perhaps because these companies advertise in these media houses. In U.S.A., there was much ado about the package for the former CEO of the New York Stock Exchange. Recently, media commentators bemoaned top executives with multimillion-dollar packages having the company paying their membership fees for country clubs.
In addition, it is unlikely that the politicians will say anything because these companies are the likely financial backers of political parties and candidates. The new PM said that she owes no one any financial debt as a result of her presidential campaign. This could mean others owe.
Furthermore, do not expect the BoJ to use moral suasion on these financial institutions to be prudent in their salary packages and expenditure because "no better barrel no better herring". My analysis of the worldwide central bank website is that BoJ is top-heavy with directors when compared to others. What's more, do not expect the churches to say anything either. Earlier this year, a CEO of a leading company told some church leaders at a breakfast meeting that he receives thousands of letters each week from churches asking for financial donations.
Thankfully, outgoing chairman of the Police Officers Association, Leon Rose, said something was wrong with the salary package of overseas police. It is said that an overseas officer earns $19m yearly, which is three times what the Commissioner of Police gets. Since the JEF argue that salary must be linked to productivity then obviously, this officer is three times more productive that the commissioner!
PARITY SYSTEM
Furthermore, in government service there is a parity system wherein the Permanent Secretary cannot earn more than the Cabinet minister to whom he or she is reporting. The sad thing is that partly because of unfair world trade practices and historical economic exploitation, the salaries are better overseas. And Jamaica and the Non-Aligned Movement no longer take the exploiters to task.
No wonder the rich getting richer and the poor poorer. However, a glimmer of hope is that students at U.K. universities and other NGOs are becoming activists against unfair trading practices and advocating ethical buying.
P.S.: In last week's article a 'not' was missing, it should have been "Last year, one leading scientist in Jamaica, said homosexuality is NOT genetically connected."
Devon Dick is pastor of Boulevard Baptist Church and author of 'Rebellion to Riot: the Church in Nation Building'.
