FTSE 100 chief executive officers had pay rises of around £500,000 in 2022 which comes as most British workers had their pay outstripped by inflation, according to the High Pay Centre.
Unions have blasted the data and said that the UK is a “land of grotesque extremes,” as the median pay for a FTSE 100 bosses rose from £3.38 million in 2021 to £3.91 million last year.
Luke Hildyard, director of the think tank, said, “At a time when so many households are struggling with living costs, an economic model that prioritises a half-a-million-pound pay rise for executives who are already multi-millionaires is surely going wrong somewhere.
“How major employers distribute the wealth that their workforce creates has a big impact on people’s living standards.
“We need to give workers more voice on company boards, strengthen trade union rights and enable low- and middle-income earners to get a fairer share in relation to those at the top.”
TUC (Trade Union Congress) general secretary Paul Nowak said, “While millions of families have seen their budgets shredded by the cost-of-living crisis, City directors have enjoyed bumper pay rises.
“This is why workers must be given seats on company boards to inject some much-needed common sense and restraint.
“We need an economy that delivers better living standards for all – not just those at the top.
“But under the Tories, Britain has become a land of grotesque extremes.”