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Top UK bosses paid 115 times more than average worker

FTSE 100

According to research by the High Pay Centre, the chief executives of FTSE 100 companies are paid a median average of £3.6m a year

Bosses of top British companies will have made more money by teatime on Wednesday than the average UK worker will earn in the entire year, according to an independent analysis of the vast gap in pay between chief executives and everyone else.

The chief executives of FTSE 100 companies are paid a median average of £3.6m a year, which works out at 115 times the £31,461 collected by full-time UK workers on average, according to research by the High Pay Centre thinktank.

On an hourly basis the bosses will have earned more by 5.30pm on Wednesday 6 January than the average worker will pick up across the whole of 2021.

Warren Kenny, acting general secretary of the GMB union which represents more than 600,000 workers, said: These repugnant figures expose the sheer scale of inequality and exploitation in the workplace.

The workers who have made heroic sacrifices to keep society together during the [coronavirus] outbreak deserve better – it is time for corporate leaders, shareholders and politicians to wake up and take action, Kenny said.

Frances O’Grady, general secretary of the TUC, said the fact that bosses had earned so much money already “tells you everything you need to know about how unfair our economy is”.

Our army of minimum wage workers – carers, shop assistants and delivery drivers – have kept the country going through the pandemic. Not these CEO’s at the top raking in far more than their share, she said. If the government is serious about levelling up Britain, it needs to start by levelling up pay and conditions for those we most rely on, and stop the threat to freeze key workers’ pay.

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