THE INEQUITY of top bosses’ pay has been exposed by the High Pay Centre whose research reveals that they will have made more money in the first two working days of 2016 – today – than the typical UK worker will earn all year.
Dubbed ‘Fat Cat Tuesday’ by the High Pay Centre (HPC) – the independent think-tank set up to examine corporate governance and pay at the top of the income distribution chain – its calculations show that FTSE 100 chief executives are paid an average £4.96m a year.
It found that even if FTSE 100 CEOs work 12 hours a day, including three out of every four weekends, and take fewer than 10 days holiday per year, it would only take 22 hours to out-earn the average full time British worker.
HPC director Stefan Stern said: “‘Fat Cat Tuesday’ again highlights the continuing problem of the unfair pay gap in the UK.
“We are not all in this together, it seems. Over-payment at the top is fuelling distrust of business, at a time when business needs to demonstrate that it is part of the solution to harsh times and squeezed incomes, and is promoting a recovery in which all employees can benefit.”