05 January 2023 , 00:01
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The typical fat cat boss will make more in pay and perks by 2pm today than an average worker will earn all year, says a think tank.
The High Pay Centre says its latest research showed the average chief executive of a FTSE 100 company is on £3.41million a year.
That equates to 103 times more than the £33,000 annual wage of a typical full-time worker.
The FTSE 100 boss will have passed that figure by 2pm today, says the High Pay Centre.
Luke Hildyard, its director, said: “In the worst economic circumstances that most people can remember, it is difficult to believe that a handful of top earners are still raking in such extraordinary amounts of money.
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"The UK economy really cannot afford for such a big share of the wealth that is created by all workers to be captured by such a tiny number of people at the top.”
Sebastien De Montessus earned £16.85m in 2021 (AFP via Getty Images)Its research is based on top bosses’ earnings for 2021, the latest available.
Early indications for last year suggest there was another rise. Meanwhile, millions of ordinary workers are having to get by with below-inflation pay rises, and soaring living costs.
A High Pay Centre report last August showed Pascal Soriot, of drugs giant AstraZeneca, was one of the UK’s best paid chiefs, with a package worth £13.86m.
Construction boss Albert Manifold pocketed £11.68m last year (Bloomberg via Getty Images)Sebastien De Montessus of mining firm Endeavour earned £16.85m in 2021 while construction boss Albert Manifold pocketed £11.68m.
TUC General Secretary Paul Nowak said: “While working people are told not to ask for more, top pay is soaring.
“Workers should have seats on executive pay committees to bring some common sense to top pay.
“We need government action to bring back some fairness on pay.”