Cleaners More Valuable Than Top City Bankers

According to latest research published today, hospital cleaners are more valuable to society than top City bankers.

A report carried out by The New Economics Foundation (NEF) looked at a new method of calculating the value of different jobs after calling for a rethink on how the value of work is recognised and rewarded. NEF rating system is based on the environmental, economic and social effects of work.

Based on NEF’s research they argue that top City bankers who earn more than £500,000 in bonuses destroy £7 of social value for every £1 they create. The report also found that tax accountants annihilate £47 for every £1 they create.

Hospital cleaners on the other hand create over £10 in value for every £1 they take in pay.

It would be interesting to see how MP's and estate agents compare on NEF’s methodology of environmental damage and social return on investment!

Eilis Lawlor, head of valuation at the New Economics Foundation states that 'pay levels don't always reflect the true level of value being created. Society as a whole needs a structure of pay which rewards jobs which create the most social and environmental value, rather than those that generate huge profits only at the expense of the wider society.'

The report suggested that there should be a maximum national pay differential and new legislation to impose transaction tax to reduce high risk and unsustainable trading in the banking sector.

Job Centre Vacancies says: Unfortunately it is a matter of supply and demand that most affects the commercial value placed on a job so it is unlikely cleaners will see any wage increases in the near future based only on this report.

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