UK CEOs earn more in 3 days than workers' annual salary: Study
Britain’s top executives are paid more money in three working days than the typical employee earns in an entire year, according to a new independent analysis.
The CEOs of FTSE 100 companies are paid a median average of 3.45 million pounds ($4.7 million) a year, which is 120 times more than the annual wage of an average full-time worker.
The analysis was made by the Chartered Institute of Personnel and Development (CIPD), a professional association for human resource management, and the High Pay Center (HPC), a UK think tank.
The day has been declared "Fat Cat Thursday" by CIPD and HPC, which based their analysis on 2016 figures.
The analysis shows chief executives of FTSE 100 companies are paid 256 times more per hour than what workers earn on the minimum wage. On an hourly basis, the bosses will have earned more in less than three working days than the average employee will pick up this year.
Frances O’Grady, the general secretary of Trades Union Congress (TUC), said it was outrageous that bosses were picking up “salaries that look like telephone numbers” while workers were “suffering the longest pay squeeze since Napoleonic times.”
The pay gap between bosses and workers was “simply obscene,” said Tim Roache, the general secretary of the GMB trade union.
“Does anyone really think these fat cats deserve 100 times more than the hard-working people who prop up their business empires?” he said.
“Workers who have to scrimp and save to feed their families and put a roof over their head – and like most of Britain’s working population will now be feeling the pinch after the festive period?”
Roache said the UK Prime Minister Theresa May had failed in her promise to resolve excessive executive pay.
“Last year Theresa May broke her pledge to guarantee worker representation on company boards, a move which would have helped shed light on corporate excess and redress the balance towards fairer pay.”
The analysis shows that the highest paid chief executive in 2016 was Martin Sorrell, who paid 48 million pounds ($65 million) by advertising firm WPP.
Stefan Stern, the director of HPC, said the gap between bosses and workers pay had more than tripled in 20 years. Peter Cheese, the chief executive of the CIPD, said the nation needed a “significant rethink on how and why we reward CEOs.”
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