I’m currently contributing a short, light-hearted political column to Hong Kong Time Out Magazine. Below is the uncut, original version of my latest piece…
Japan is one of the world’s most equal societies partly because large salaries are seen to be somewhat uncouth. The average Japanese CEO earns just over HK$3million – which is relatively low compared to their US counterparts who often earn between HK$8-30million annually. Toyota’s board members received a comparatively modest HK$3.4million last year whilst, say, HSBC’s chief enjoys a rather gratuitous basic wage of HK$13.5million.
Executive pay in HK remains the highest in Asia, surpassed only by South Korea, and there is certainly little taboo locally over amassing big bucks. The new watered-down minimum wage bill may help curb inequality – our city’s biggest social problem – but since we lack a ‘cultural cap’ on excessive earnings, further legislation is the next natural step to control executive greed.