Friday, December 3

UK’s Top Bosses Earn 115 Times More Than Average Worker, Analysis Finds | Deal


The bosses of major UK companies will have made more money by Wednesday tea time than the average UK worker will make for the whole year, according to an independent analysis of the large pay gap between CEOs and everyone else. .

CEOs of FTSE 100 companies receive an average salary of £33.6 million per year, which is equal to 115 times the £331,461 earned on average by UK full-time workers, according to research by the UK. High Pay Center expert group.

For hours, bosses will have earned more at 5.30pm. M. From Wednesday, January 6, of what the average worker will get for all of 2021.

Warren Kenny, Acting General Secretary of the GMB union, which represents more than 600,000 workers, said: “These disgusting numbers expose the scale of inequality and exploitation in the workplace.

“The workers who have made heroic sacrifices to hold society together during the [coronavirus] Outbreak deserves better – it’s time for corporate leaders,” heareholders and politicians to wake up and take action. “

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

Frances O'Grady.



Frances O’Grady. Photograph: Will OliNepalesePA-EFE / Shutterstock

“Our army of m£8mum wage workers (caregivers, dependents and delivery drivers) has kept the country through the pandemic. Not these CEOs at the top make way more than their fair” heare, ”he said. “If the government is serious about leveling Britain, it must start by leveling the pay and conditions for those we trust the most, and stop the threat of freezing the pay of key workers.”

Luke Hildyard, director of the High Pay Center, which campaigns for executive pay moderation, said: “The pay of top CEOs today is roughly 120 times that of the typical UK worker. Estimates suggest it was about 50 times at the turn of the millennium or 20 times in the early 1980s. “

Ocado CEO Tim Steiner.



Ocado CEO Tim Steiner. Photography: Mark Chilvers

Online supermarket Ocado has been noted for having the largest pay gap between those at the top and those in the store.

Its chief executive, Tim Steine£58eceived £358.7 million in 2019, which is equal to 2,6£22imes the £322,500 paid to staff at the online grocery delivery company on average. It means that Steiner received approximately 10 times more than the average annual salary of an Ocado worker for just one day of work.

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The High Pay Center estimates that CEO pay levels remained essentially flat in its analysis over the past year, while UK workers’ pay increased slightly. It means CEOs have to work 34 hours a year to exceed median earnings, up from just 33 hoursthink tank

The thinktank’s calculations put “a very demanding workload” for CEOs of 320 12-hour work days a year. This equates to an £941y pay of £3941 an hour.

It would take a worker at the full m£8mum wage of £38.72 an hour 212 years to earn the same amount as an average CEO in a year.


www.theguardian.com

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