Next boss who earns £4million a year sparks row by declaring living wage ‘irrelevant’ with ‘no basis in reality’
‘The multi-millionaire boss of Next sparked anger last night after declaring that the living wage was ‘irrelevant’. Tory peer Lord Wolfson, who last year took home £4.6million, said it was ‘an invention’ and ‘not a reality’.
The living wage is calculated according to the basic cost of living in the UK and is £7.85 an hour and £9.15 in London.
It has become a cause celebre with trade unions and some politicians – including Labour leader Ed Miliband and London Mayor Boris Johnson.
Lord Wolfson earns a basic salary of £729,000 which works out at £233 an hour assuming he works 12 hours a day and excludes weekends. He believes the living wage is irrelevant because it depends on how many hours staff work as to what they earn and whether they can live on it.’
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