Britain's bosses who will earn more in four days than average worker takes home ... trends now
Bosses at Britain’s biggest companies will earn more by Thursday this week than the average worker takes home in an entire year.
The widening gulf means the typical chief executive at a FTSE 100 company is paid more than 100 times the average worker’s salary – with many pocketing far more.
In one case, the boss of a little-known firm has been handed more than 600 times his own staff’s average pay.
The news will come as a shock to many facing higher food bills and household energy costs, which are rising far faster than typical pay rises.
Vecchioli, 55, will have made more in a few hours than his employees will in the whole year. ‘This grossly exceeds what the public thinks is fair,’ said Deborah Hargreaves, founder of the High Pay Centre
The typical chief executive at a FTSE 100 company is paid more than 100 times the average worker’s salary
It also deals a blow to attempts by former PM Theresa May to tame ‘fat cat’ pay by forcing companies to disclose more information about their pay ratios.
In 2017, she described the behaviour of some company bosses as ‘the unacceptable face of capitalism’ in an article for The Mail on Sunday.
She launched a public register – commonly now referred to as a ‘blacklist’ of egregious executive excess – when a significant number of shareholders complain boardroom pay is too high.
Details of the widening pay gap are contained in a report to be published this week by the High Pay Centre, a think-tank that campaigns for a fairer deal for staff – and more moderation from bosses. It found that after a brief pause during the pandemic, the gap between chief executive and average worker pay is on the rise again.
Last year it took until 9am on the fourth working day of the year for a FTSE 100 boss to earn more on an hourly basis than a UK worker’s annual salary, based on median remuneration figures for both
