UK: FTSE CEOs surpass UK’s average yearly pay in just 4 days of 2022

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The wage gap between the bosses of the UK’s biggest companies and average workers has reportedly widened further, with the latest analysis stating that an FTSE 100 CEO will have made more money by Friday than the average worker would have in a year, in just four days of 2022.

High Pay Centre, a UK think tank campaigning for fair pay for workers, has alleged that by 9 am on January 7th, an FTSE 100 chief executive's salary of a per hour basis will be more than an ordinary worker’s annual salary. The estimate has been based upon the median average remuneration data of both groups.

Many of the country’s unions have condemned the greedy executives for taking millions home while workers will be faced with another year of wage squeezes, calling it disgraceful, and have demanded that these firms should be forced to appoint a frontline worker to direct pay committees.

According to figures by Office for National Statistics, an FTSE 100 chief executive was paid an average of £2.7 million ($3.6 million) in 2020, almost 86 times the average salary of a full-time ordinary worker in the UK.

Frances O’Grady, General Secretary of Trade Union Congress (TUC), said that the pandemic has shown that it is the hardworking people who keep the country going in a crisis. There are millions of such people in the UK; ranging from carers to delivery drivers, who give more than what they get back at the end of the day.

O’Grady stated that the country needs to redesign its economy in order to be more fair, and has to bring major reforms in cutting down on CEOs’ pay.

In 2021, Pascal Soriot, CEO of Astra Zeneca, was the highest-paid FTSE 100 chief executive, taking home over £15.5 million ($20.9 million), followed by Brian Cassin of Experian, who took home over £10.3 million ($13.9 million), and Rob Perrins of Berkley, who received £8 million ($10.8 million).

Gary Smith, General Secretary of GMB union, representing 600,000 workers, stated that according to the figures, top bosses pocketed 173 times more money than what the frontline carers earned while risking their lives during the pandemic.

Source credit: https://www.theguardian.com/business/2022/jan/07/ftse-bosses-pay-average-9am