Welcome to “Fatcat Tuesday”
Despite being just the second day back at work this year, the chief executives of the FTSE 100 (the 100 largest companies on the London Stock Exchange) will have already made more money by the end of today than the average British full-time worker will accrue all year.
According to calculations by the High Pay Centre, a non-government think-tank, a FTSE 100 chief executive is paid on average £4.72m a year.
Even if CEOs worked long hours with a minimal holiday allowance, the rate of pay equals about £1,200 an hour.
Last year, the think tank found that top CEOs would have had to work until Wednesday to match average annual salaries, but over 2014, pay rises at the top were not matched by equivalent movement at lower levels.
The High Pay Centre said that pay for FTSE 100 CEOs has risen by nearly £500,000 since last year, while the annual pay of the average UK worker has increased by just £200, from £27,000 to £27,200.
High Pay Centre director Deborah Hargreaves said: “[Today’s so-called] ‘Fatcat Tuesday’ highlights the problem of unfair pay in the UK.
“For top bosses to rake in more in two days than their staff earn in a year is clearly unfair, disproportionate and doesn’t make social or economic sense.
“Politicians need to do more to stand up to big business and the super-rich.
“We must also give workers the power to force employers to share pay more fairly throughout their organisation.”
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