Off Balance: Fatcat Tuesday? That's so yesterday...
Calculations show that earnings for company executives returning to work on 5 January will pass the UK average salary of £27,200 by late afternoon on ‘Fatcat Tuesday' on 6 January
FDs SHOULD be very careful the next time they publicly decry their lot at being back at work after the Christmas break, and struggles to fend off the January blues.
The reason? By the end of 6 January, Britain’s most senior executives will have trousered more money in 2015 than the average UK worker earns in an entire year, according to calculations by the High Pay Centre (HPC) think-tank.
The calculations show that earnings for company executives returning to work on Monday 5 January will pass the UK average salary of £27,200 by late afternoon on ‘Fatcat Tuesday’. FTSE 100 chief execs are paid an average £4.72m.
When the HPC made the same calculation last year, it estimated that top bosses would have to wait until the first working Wednesday of 2014 to surpass the earnings of the average worker. But while pay realised by FTSE 100 chief execs rose by almost £500,000 since last year, the annual pay rise of the average UK worker limped up by a pathetic £200. Bah Humbug.
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