The richest 1pct collectively owns 9pct of Pakistan’s income.
The feudal lords, the 1pct of the population owns 22pct of all arable farmland.
The richest 20pct command 50pct of the national income.
The poorest 1pct hold mere 9.15pct of national income.
The overall share of the poorest income quintile is 14.2pct compared to 37.2pct of the richest quintile.
UNDP estimates that the economic privileges of the elite amount to roughly 6pc of Pakistan’s economy.
There is growing awareness and resentment in the working people toward income disparity.
Senior tiers in the relevant ministries (and the administration) insist that the rich-poor gap in Pakistan has been falling gradually since 1998-99.
They did share concerns over salary differentials in their ranks and with their equals in the private sector but had no clue about wage ratios in the public and the corporate sector.
An entry-level MBA fetches between Rs50,000 to Rs100,000 against Rs2.5m for the CEO of the company -with all perks monetized.
An engineer may join at Rs35,000 to Rs50,000.
The minimum wage is 25,000.
That’s a 1:100 ratio.
The wage ratio is the ratio of the top to bottom salaries in a company. A high wage ratio is understood to be a factor contributing to rising income gaps in the country. Content sourced from Dawn
Pakistan announces 10% ‘super tax’ on large-scale industries like cement, steel and automobiles aimed at tackling spiraling inflation and saving the cash-strapped country from going ‘bankrupt’. High net worth individuals will also be subject to a ‘poverty alleviation tax‘: “The new budget has bold moves. Left of the center”:
