Home Business News FTSE 350 chiefs paid 57 times more than employees

FTSE 350 chiefs paid 57 times more than employees

by LLB Finance Reporter
18th Dec 23 2:13 pm

According to a new report there are pay inequalities in the heart at some of the largest companies despite there being a cost of living crisis.

The High Pay Centre said that figures shows the difference in median pay between company chief executives and employees in the FTSE 350 is 57.1 times higher.

Across the FTSE 100 the gaps are even wider in companies as the median pay between executives and employees is 80.1 time higher.

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The High Pay Centre are urging companies to present more information on the different pay levels across the different roles.

High Pay Centre director Luke Hildyard said, “We need a fairer, more equal, more inclusive economy where companies create lots of well-paid jobs for all their workers, rather than a handful of obscenely paid roles for those at the top.

“The pay ratio trends highlight a moment of solidarity during the pandemic when CEO to employee pay gaps narrowed, but that seems to have been lost as gaps have widened to pre-pandemic levels over the subsequent two years.”

TUC general-secretary Paul Nowak said, “Workers deserve a fairer share of the wealth they create. Too many firms are guilty of feather-bedding those at the top at the expense of the wider workforce.

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“At a time when food and energy bills are sky-high there is simply no justification for such huge pay inequality.

“Corporate excess is bad for businesses and bad for Britain – often encouraging short-term risk-taking and greed over longer-term success.

“That’s why it is vital to have workers on company boards to inject some much-needed common sense – and fairness – into boardrooms.”

Laurence Turner, head of policy at the GMB union, added, “The UK is being held back because real wages are stagnating for most people while employers channel money to those at the top.”

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