By 1pm this afternoon, just some days into the brand new yr, FTSE 100 bosses could have earned greater than the standard UK employee makes in a yr, in keeping with new estimates.
The median pay – the midpoint between the bottom and highest pay – for a FTSE 100 boss stood at £3.81m (excluding pensions) within the monetary yr ending in March 2023, evaluation by the High Pay Centre thinktank revealed.
This quantities to roughly £1,170 per hour – assuming the bosses work 12.5 hours a day – which is 109 instances the median full-time employee’s wage of £34,963, the thinktank mentioned.
The Trades Union Congress (TUC), which represents 48 member unions, has since criticised the “obscene pay inequality”.
“While working people have been forced to suffer the longest wage squeeze in modern history, City bosses have been allowed to pocket bumper rises and bankers have been given unlimited bonuses,” Paul Nowak, TUC normal secretary mentioned.
Mr Nowak referred to as on the federal government to begin working with unions and employers to extend dwelling requirements and for the rich to be taxed pretty.
Meanwhile, different FTSE 350 executives, together with senior executives and managers outdoors the largest 100 companies, might want to work just a few extra days – till 10 January – to overhaul the median UK employee’s pay.
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Top metropolis attorneys working at companies together with Clifford Chance and Allen & Overy obtain a median yearly wage of £1.92m, surpassing the standard wage by 8 January, in keeping with the evaluation.
And everybody within the prime 1% of full-time UK staff, incomes not less than £145,000, could have overtaken the quantity by 29 March.
Last yr, a cap on bonus funds for bankers was scrapped as a part of efforts to make the UK a extra engaging place to work.
This means there is no such thing as a longer a restrict on the quantity individuals who work for banks or constructing societies in Britain can obtain in annual payouts.
“Lobbyists for big business and the financial services industry spent much of 2023 arguing that top earners in Britain aren’t paid enough and that we are too concerned with gaps between the super-rich and everybody else,” Luke Hildyard, director on the High Pay Centre, mentioned.
“They think that economic success is created by a tiny number of people at the top and that everybody else has very little to contribute.
“When politicians hear to those misguided views, it is unsurprising that we find yourself with huge inequality, and stagnating dwelling requirements for almost all of the inhabitants.”
A spokesman for the government said its decision to increase the National Living Wage to £11.44 per hour has given millions in the UK a “historic pay rise”.
“In total since 2010, the annual earnings of a full-time worker on the National Living Wage will have increased by over £10,000, demonstrating how we are delivering for those in work,” a spokesperson mentioned.
The thinktank mentioned it used the latest pay disclosures in FTSE 100 companies’ annual experiences for the evaluation, mixed with authorities statistics exhibiting pay ranges throughout the UK financial system.
Source: information.sky.com”