Skip to main content

CEO of India’s top information firm earns 416 times the salary of a typical employee in his company: Oxfam

By Our Representative
A new report by top UK-based multinational NGO Oxfam on dangers of global inequality has estimated that over the next 20 years, 500 people world over will hand over $2.1 trillion to their heirs – a sum larger than the GDP of India, a country of 1.3 billion people.
Claiming that this calculation is based on new “new and better data on the distribution of global wealth, particularly in India and China”, Oxfam says, they indicate that “the poorest half of the world has less wealth than had been previously thought.”
“Had this new data been available last year, it would have shown that nine billionaires owned the same wealth as the poorest half of the planet, and not 62, as Oxfam calculated at the time”, the international NGO regrets in its report.
Titled “An Economy for the 99%”, the report doesn’t just point towards international inequality. Within India, according to Oxfam, which operates in India as a major source of foreign funds to the country’s NGOs, “While many chief executives, who are often paid in shares, have seen their incomes skyrocket, wages for ordinary workers and producers have barely increased, and in some cases have got worse.”
It says, “The CEO of India’s top information firm earns 416 times the salary of a typical employee in his company”, adding, if the world over, according to the International Labour Organization (ILO) 21 million people are “forced labourers, generating an estimated $150bn in profits each year”, India has its own share.
Thus, Oxfam states, “The world’s largest garment companies have all been linked to cotton-spinning mills in India, which routinely use the forced labour of girls.”
Pointing out that “across the world, corporations are relentlessly squeezing down the costs of labour – and ensuring that workers and producers in their supply chains get less and less of the economic pie”, Oxfam says, “This increases inequality and suppresses demand. In many parts of the world, corporations are increasingly driven by a single goal: to maximize returns to their shareholders.”
“In India”, says Oxfam, “As profits have been rising for the 100 largest listed corporations, the share of net profits going to dividends has also increased steadily over the last decade, reaching 34% in 2014/15, with around 12 private corporations paying more than 50% of their profits as dividends.”
Oxfam says, “Over the last two decades the richest 10% of the population in China, Indonesia, Laos, India, Bangladesh and Sri Lanka have seen their share of income increase by more than 15%, while the poorest 10% have seen their share of income fall by more than 15%.”
It adds, “Due to a combination of discrimination and working in low-pay sectors, women’s wages across Asia are between 70% and 90% of men’s. Many women struggle to survive as the national minimum wage in many Asian countries – where it is paid – is on average a quarter of the amount required for a decent standard of living.” 
Oxfam notes, “More than 40% of the 400 million women who live in rural India are involved in agriculture and related activities. However, as women are not recognized as farmers and do not own land, they have limited access to government schemes and credit, restricting their agricultural productivity.”

Comments

TRENDING

#MeToo moment in Hyderabad Urdu varsity? Two girl students seek action against authorities

Counterview Desk
Has the #MeToo movement reached Maulana Azad National Urdu University (MAANU)? It would seem so if a recent letter by newly-appointed chancellor Firoz Bakht Ahmed to MAANU vice-chancellor Dr Aslam Parvaiz is any indication. Seeking reinstatement of two girl victims of “sexual harassment and humiliation”, the letter specifically names head of the department of the Media Centre for Journalism, suspecting, the problem could be much deeper.
Text of the letter: It is a matter of utmost perturbation for me to receive the two representations from the girls studying in the MCJ (Media Center for Journalism) regarding their sexual and subsequently, mental and social harassment at the hands of Prof Ehtesham Ahmad Khan, the HOD, MCJ.
We do not know, how many girls have been exploited by him and preferred to be silent for saving their family’s honour; however, there are two brave girls who stood to the depraved advances and misuse by Prof Ehtesham and came up with written complai…

"Ineligible" funding of Sardar Statue in Gujarat: CAG tells Central PSUs, it's not a heritage CSR activity

By Our Representative
The Comptroller and Auditor General (CAG) of India, in its recent report on Central Public Sector Enterprises (CPSE), has qualified public sector undertakings’ (PSUs') funding the 182-metre world’s highest Sardar Statue, currently being constructed in the Narmada river downstream of the Sardar Sarovar dam as an “ineligible” corporate social responsibility (CSR) activity.

Gujarat BJP MLAs, youth leader "incited" attack on North Indians: Cong releases video

Counterview Desk
Senior Gujarat Congress leader Shaktisinh Gohil, currently in charge of Bihar and national spokesperson, All-India Congress Committee, has sent a legal notice to chief minister Vijay Rupani threatening criminal case and civil defamation suit for accusing him with "baseless statement" that he was responsible for attacks on north Indians in Gujarat.

29th "NRC-related" suicide in Assam, as Nirod Baran Das takes his life by hanging on a fan

By Our Representative
Reporting 29th case of National Register of Citizens (NRC)-driven suicide in Assam, one of India’s human rights campaign sites has said that, on October 20, tragedy struck Kharupetia town in Darrang district of Assam, when a retired school teacher and advocate Nirod Baran Das “took his life by hanging himself to a fan in his home.” The report adds, “The NRC process has so far claimed over two dozen such lives in the past four months alone.”

"Highly irregular" for PSUs to fund Sardar Statue under Corporate Social Responsibility

Counterview Desk
In a letter to I Srinivas, secretary, Ministry of Corporate Affairs, Government of India, former secretary (economic affairs), Ministry of Finance, EAS Sarma, has raised questions on the funding of the Sardar Patel statue in South Gujarat by Central Public Sector Undertaking (CPSUs) relying on the Comptroller and Auditor General report (No 18/2018).

Murder of Tamil Nadu teenage Dalit girl: "Stoic silence" despite #MeToo movement

Counterview Desk
Brinelle D'souza, who is with the Centre for Health and Mental Health, School of Social Work, Tata Institute of Social Sciences, Mumbai, has prepared a strong statement to protest the brutal murder of 13-year-old Rajalakshmi. "Other than a few media reports, this gruesome killing has not caught national attention despite a very vibrant #MeToo campaign currently underway", regrets D'souza.

Post-MJ Akbar resignation: #MeToo movement and fears of backlash

By Sheshu Babu*
For the last few days, #MeToo movement has picked up momentum and many women are coming out with horrific tales of severe harassment in their past lives. They are not afraid anymore to expose famous persons including those at ministerial levels. As a senior journalist Neeraja Chowdhury opined (“An exit, a beginning”, October 18, 2018, indianexpress.com), "The #MeToo revelations are like the eruption of a volcano which was imminent, given the journey working women have covered. It was not easy to make public what they had gone through,and take on powerful men.”

World Bank clarifies: Its 26th rank to India not for universal access to power but for ease of doing business

By Our Representative
In a major embarrassment to the Government of India, the World Bank has reportedly clarified that it has not ranked India 26th out of 130 countries for providing power to its population. The top international banker’s clarification comes following Union Power Minister Piyush Goyal’s claim that India has “improved to 26 position from 99” in access to electricity in just one year.

Bank account frozen, raid on Amnesty office: Govt of India "treating" human rights NGOs like criminal enterprises

By Abhirr VP*
Amnesty India’s bank accounts have been frozen by the Enforcement Directorate, effectively stopping its work. Amnesty India is thus the latest target of the government’s assault on civil society in the country. The accounts of Greenpeace India were frozen earlier this month.

60 ex-civil servants seek release of CAG reports on Rafale, demonetisation before 2019 polls

Counterview Desk
As many as 60 retired civil servants have asked President Ram Nath Kovind to expedite the release of Comptroller and Auditor General (CAG) reports on demonetisation and the Rafale deal. The letter, signed mainly by former Indian Administrative Service, Indian Foreign Service and Indian Police Service officers, regrets that the status of the audit is "unclear”. According to them, “An impression is gaining ground that CAG is deliberately delaying its audit reports on demonetisation and Rafale deal till after the May 2019 elections so as not to embarrass the present government”.