By the end of today, Britain’s top bosses will have made more money in 2015 than the average UK worker earns in an entire year.
The High Pay Centre's calculations show that earnings for company executives returning to work this Monday will pass the UK average salary of £27,200 by late afternoon on ‘fatcat Tuesday.’ Yes, that really is less than two days work!
FTSE 100 Chief Executives are paid an average £4.72 million, this is equivalent to hourly pay of nearly £1,200. When the High Pay Centre made the same calculation last year, the think-tank estimated that top bosses would have to wait until the first working Wednesday of 2014 to surpass the earnings of the average worker. But while pay realised by FTSE 100 Chief Executives has risen by nearly £500,000 since last year, the annual pay of the average UK worker has increased by just £200, from £27,000 to £27,200.
TUC General Secretary Frances O’Grady said: "It’s a stark reminder that while the average worker is £50 a week worse off than in 2010, boardroom pay gets bigger and bigger every year. We urgently need a change of course to put wage growth for all workers at the heart of Britain’s economic plan – if not then people’s living standards will not recover and the economy will remain in the danger zone."