As the Soviet economy opened up, prices soared and the rouble collapsed against the dollar - and their high wages became meaningless.

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Investors, by contrast, love the new members for their low wages, high productivity and simple taxes.

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It entered China promising to pay sales staff the same high wages their employees in the U.S. make.

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They price their books too high, while most of their authors earn poverty wages.

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The abuses of companies such as Home Depot obscure how most high pay has been caused not by powerful bosses fixing their own wages, but by the changing job of the chief executive, the growth of large companies and the competitive market for talent.

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Cypriots are already going to feel the ferocity from the effects of a recession caused by lower wages and high unemployment, they do not need the additional confiscatory measures of their deposits being taken.

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Currently, manufacturing wages are hovering around their 2000 level and as The Wall Street Journal notes, high unemployment and rising global competition means that employers are able to wring wage and benefit concessions from unions and employees in order to avoid outright job cuts, making the sector as a whole less attractive to potential hirees.

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Workers relying on such low wages and unstable employment are not likely to be able to educate their children enough to escape increasingly high rates of unemployment.

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Naveen Jindal, Executive Vice-Chairman of Jindal Steel and Power, said high wages for jobs in the West creates problems for those individuals in Europe and Asia to pursue their entrepreneurial desires and passions in a monetarily successful way.

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