'CEOs are being highly rewarded for overseeing greedflation'
News of FTSE 100 bosses bagging a 500k pay rise over the last year, while millions of ordinary workers are told to show pay restraint as they struggle to make ends meet has been met with anger and condemnation from trade unions and a number of MPs.
The average pay rise for a FTSE 100 CEO was 16% last year, according to research by the High Pay Centre thinktank, which also found that FTSE 100 CEO pay increased from £3.38m in 2021 to £3.91m in 2022. That means median CEO pay is now 118 times that of the median UK full-time worker, compared to 108 times in 2021 and 79 times in 2020.
Pascal Soriot of AstraZeneca was the highest paid CEO, making £16.85m, ahead of Charles Woodburn of BAE Systems who made £10.69 million.
The Bank of England and the government have previously urged workers to show pay restraint in order to help tackle inflation, yet they have had very little to say about soaring pay at the top of the economy.
Unite the Union has slammed CEO bosses for ‘overseeing greedflation’.
Commenting on the findings from the report, Unite general secretary, Sharon Graham said: “Today’s data is further confirmation that CEOs are being highly rewarded for overseeing greedflation. Unite research has repeatedly shown that profiteering is a key cause of higher inflation.
“We have to ask ourselves who is the economy for? Workers and communities merely existing isn’t good enough. The politicians who show they are truly on the side of workers and communities, will be the ones that will be rewarded at the ballot box.”
Adam Bienkov of Byline Times tweeted: “Wages fell at their fastest rate in 20 years at the end of last year, with the Bank of England telling workers it is “unsustainable” to expect their wages to rise in real-terms.
“In other news, City bosses’ pay just rose by an inflation-busting 16% year-on-year.”
Labour MP Beth Winter tweeted: “The Prime Minister and Bank of England Chief Exec demand pay restraint in public sector and cite inflation.
“But FTSE100 bosses got a 16% pay rise worth £500k in 2022 and they’ve said nothing at all.
“That’s the division, inequality and unfairness they endorse.”
Carol Vorderman also slammed the government for driving further inequality. She tweeted: “FTSE 100 bosses got average £530,000 extra last yr, a 16% pay rise taking pay to £3.91m
Average worker suffered pay loss taking inflation into account. In 2020 FTSE 100 boss got 79 times more than average worker.
“2022 it’s grown to 118 times more. Welcome to Tory Britain. A vote for them is a vote for more inequality.”
Basit Mahmood is editor of Left Foot Forward
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