RMF

The Responsible Market Foundation is a non-monetized goodwill initiative raising awareness of the many benefits of salary-gap-moderation and profit sharing.

[RMF @FoundationRMF]

@ThuliMadonsela3 @VanSpuy @helenzille @Our_DA @SAReserveBank Pay gap moderation & profit sharing require no law, just a choice not to leverage our privilege (bargaining power) against those without.
The law of supply & demand is not compulsory nor is it written in stone by the creator.
We are all born with free choice.
We are the market.

[Dioné Harley @harley_dione]

Join me for today's episode of Let's Get Real, this evening @ 8pm! I'll be chatting to Buddy Wells, Saxophonist, Founder of @The_PEOPLE_za
& @FoundationRMF
We'll be talking about how to address inequality in SA: https://t.co/Q4Sd2x99nB

[Dan Price @DanPriceSeattle]

If economic gains since the 1970s had been shared with workers like they were after WWII, the median worker would make $102k. Instead they make $50k.

Low-income workers would make $61k instead of $31k.

The extra money instead went entirely to the top 1%
https://t.co/iK16N6DsT3

[Neil Coleman @NeilColemanSA]

Levels of wage inequality in South Africa are obscene. This policy brief👇 by the @IEJ_SA makes some proposals to reduce these, including by requiring a maximum wage ratio between the top and bottom tiers of every workforce.
https://t.co/idda3DB8mO

[Neil Coleman @NeilColemanSA]

"Exec remuneration packages in SA are obscene compared to huge poverty in the country...how much money 1 person &his family really need. Whats left to buy ...when everything you’ve desired is bought, driven, lived in... gifted as jewellery, furs & gadgets"
https://t.co/wdr4KylgMG

[Buddy Wells @BuddyWells1]

Amazon is an example of why “ethical consumerism” & “ethical capitalism” should extend beyond environmental issues to include moderation of company pay gaps & profit sharing with workers.
Is supporting a multi-billionaire’s company with an extreme pay gap & poor workers ethical?

[Buddy Wells @BuddyWells1]

The pay gap between teachers & MPs is another example of how pay is not decided by value added but by bargaining power (privilege in the form of power, wealth, education etc). Pay gaps in private sector are even worse, averaging 300x amongst top JSE listed firms. #ModeratePayGaps

[Buddy Wells @BuddyWells1]

Instead of adopting non-racial methods to reduce inequality & poverty such as moderating SA’s extreme company pay gaps, the ANC & elite let apartheid era pay gaps continue & used race based BEE & black billionaires to justify their workers’ poverty wages.
https://t.co/QucIYE88HV

[Masiphula Mbongwa @MasiphulaM]

Also why shouldn't the PIC, a worker's pension fund manager, invest - with professional support from the BMF - in companies & SOEs to promote:
a) workers' share equity;
b) a greater share of workers' wage bill in their total revenue, &
c) worker-owned cooperatives & companies.

[Buddy Wells @BuddyWells1]

@tito_mboweni Instead of adopting non-racial methods to reduce inequality & poverty such as moderating SA’s extreme company pay gaps, the ANC & elite let apartheid era pay gaps continue & used race based BEE & black billionaires to justify their workers’ poverty wages.
https://t.co/QucIYDQxQn

[Buddy Wells @BuddyWells1]

Yet @Our_DA continues to reject non-racial ways to reduce income inequality and spread capital like moderating our extreme pay gaps & ensuring workers share adequately in the profit from their labour.
Equal opportunity is impossible while income inequality extreme.
@GwenNgwenya

[Buddy Wells @BuddyWells1]

Equality of opportunity is impossible until all children have the same amount of money spent on their education, and the same access to capital once they are educated.
SA gov spends around R17 000 per learner per year. Some private school fees are close to 10x that.

[Buddy Wells @BuddyWells1]

Think of it like this, gov spends around R1 trillion per year on procuring from the private sector.
Imagine if for the last 25 years that money (around R25 trillion inflation adjusted) had gone mostly to the workers creating & providing the goods & services government procured.

[Buddy Wells @BuddyWells1]

If 25 years ago, gov had implemented a policy to only procure from SAn owned companies with a maximum pay limit, pay workers a living wage & share profit with workers, SA would be more meaningfully transformed than it is today, even if race-based EE had not been implemented.

[Dan Price @DanPriceSeattle]

The average big company CEO makes $13.1 million. Their employees make $37,632.

So a CEO could cut their pay in half to save 174 jobs and still make $6.55 million.

Instead, they've cut millions of jobs while 1.4% of CEOs have cut their pay by at least 25%
https://t.co/MUCDqtkMLz

[RMF @FoundationRMF]

Pay gap moderation. What SA needs.

[Dan Price @DanPriceSeattle]

People always ask me how I could afford raising our min wage to $70k in 2015. That's the wrong question.

Research shows paying people more leads to higher productivity - they're not distracted by financial problems. After the pay hike our business tripled
https://t.co/1sFHmurQIQ

[Buddy Wells @BuddyWells1]

Pay gap moderation and profit sharing with workers are efficient (no government as middle man & no tax) and non-racial ways to reduce inequality and thus make our economy more efficient, which means grow faster, employ more people etc using less increase in money supply.

[Buddy Wells @BuddyWells1]

The most efficient way to reduce inequality (improve economic efficiency) is to moderate our extreme company pay gaps & ensure workers share in the gains from their labour once investors have received enough return to incentivize investment.
https://t.co/mImBF0wFGe

[Buddy Wells @BuddyWells1]

The problem with extreme inequality is that it makes economies less efficient.
More unequal economies need more money supply in order to achieve the same amount of demand, growth & employment as less unequal ecomies can achieve with less money supply.

[RMF @FoundationRMF]

Pay gaps in companies have little to do with performance.

[Wessel van Rensburg @wildebees]

“The decision to return to normal wages for well-paid bosses has attracted scrutiny from investor groups and high-pay campaigners — particularly after the UK revealed the largest drop in gross domestic product on record and with millions of jobs at risk.” https://t.co/GQoz13XQwX

[Amanda Jane Wilde @AmandaJaneWilde]

@Grego26108665 @PhumlaniMMajozi @FoundationRMF @BuddyWells1 Hold the top to bottom salary ratio to an upper single digit/lower double digit, make the lower end a decent living wage vs minimum & watch your Employee satisfaction, happiness, commitment & dedication increase significantly. That's what then powers the >Customer Service...