FTSE 100 CEOs now make 130 times average pay
Fat cat bosses have already made more money in two days than most people will in the whole of 2017, according to the High Pay Centre (HPC).
The think tank’s annual report finds CEOs at FTSE 100 companies will have made on average £28,200 by Wednesday afternoon, and make nearly 130 times average annual income.
This means if they work 12 hours a day, including three of every four weekends, and take less than ten days holiday, they would still be making £1,000 per hour.
The Trades Union Congress said workers deserve a fair share of the wealth they help create, and called on Prime Minister Theresa May to honour her pledge to put workers on company borders and tackle executive pay.
The HPC also called for workers on boards, and said companies should be forced to publish the pay ratios between top and bottom earners to curb this vast pay gap.
High Pay Centre director Stefan Stern said:
“Our new year calculation is not designed to make the return to work harder than it already is. But ‘Fat Cat Wednesday’ is an important reminder of the continuing problem of the unfair pay gap in the UK.
We hope the government will recognise that further reform to pay practices are needed if this gap is to be closed. That will be the main point in our submission to the business department in its current consultation over corporate governance reform.”
TUC General Secretary Frances O’Grady said:
“Working people deserve a fair share of the wealth they help create. But while the pay of top executives has been rocketing up, the average weekly wage is still worth less than it was nine years ago.
“The Prime Minister must stick to her promise to tackle excessive pay at the top. And she should keep her commitment to put workers on company boards. This would help keep executive salary decisions grounded in common sense and fairness.”
Adam Barnett is staff writer for Left Foot Forward. Follow him on Twitter @AdamBarnett13Sign up to Left Foot Forward's weekday email for the latest progressive news and comment - and support campaigning journalism by making a donation today.