The new report shows that the FTSE 100 CEO pay increased from £3.38m in 2021 to £3.91m in 2022. 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.
This is the highest level of median pay since 2017, and is an increase of 16% on the median FTSE 100 CEO pay in 2021, which stood at £3.38 million.
At a time when so many households and businesses are struggling with costs, it is surely not desirable or sensible for companies including some of Britain’s biggest employers to prioritise a half a million pound pay rise for executives who are already multi millionaires.
Michael Kill CEO NTIA said, “The Night Time Industries Association (NTIA) is deeply concerned by the growing chasm between the compensation of high-level executives and the median pay of the workforce. Recent figures revealing that FTSE 100 CEOs’ salaries are now 118 times the median full-time worker’s pay in the UK have underscored a stark and troubling reality.
“This alarming disparity has raised questions about the fairness and sustainability of our economic landscape. While hardworking employees form the backbone of our economy, it is disheartening to witness such incongruity between their remuneration and that of top executives. The time has come for a comprehensive evaluation of executive compensation practices to ensure they align with societal expectations and promote a just and balanced economy.
“The inclusion of senior executives from energy companies in this conversation is particularly concerning given the current challenges faced by both businesses and individuals regarding energy supply. As energy costs continue to rise, placing additional burdens on households and industries alike, it is essential that we hold those at the helm accountable for their actions and decisions.
“The Night Time Industries Association calls upon the government to address these disparities urgently and meaningfully. It is the responsibility of our leaders to foster an environment where economic prosperity is shared equitably among all members of society. We must recalibrate our priorities to ensure that hardworking individuals are not left behind, especially during these times of economic uncertainty.
“As the CEO of the NTIA, I implore the government to enact policies that bridge the gap between executive compensation and worker salaries, and hold senior business leaders who are profiting from vulnerability personally accountable. By doing so, we can strengthen our society’s foundation, promote unity, and ensure that our economic progress is inclusive and sustainable for all.”
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