Do we Councillors get paid too much?

Norfolk County Councillors have just raised their allowances by 28%. I agree that it is fishy that the County Council increased their own allowances massively when they are about to be abolished -- but in general, Council allowances ought to be higher. If you compute the hourly rate of pay that most Councillors (the ones who work hard -- which is most of us -- and the rest can always be voted out!) earn from their Council work, it probably comes to below minimum wage. In my case it certainly does -- I reckon that I work in effect about 60 hours a month on Council business, averged out over the year, for which I get paid a little over £300. Hardly a handsome sum.
If Councillors' allowances are low, then the only people who do the job are pensioners, the rich, 'housewifes', etc. . Surely, we want our Councillors to represent the population at large, not just a fortunate minority?