Top CEOs in UK earn average salary within three days

The average pay for an FTSE 100 CEO in 2020 has already surpassed the amount the average UK worker earns in an entire year, according to research from The High Pay Centre.

The independent non-party think tank has found that top UK bosses earn 117 times the annual pay of the average worker.

The High Pay Centre revealed that in 2018 – the latest data available – the average FTSE 100 CEO took home an annual salary of £3.46m, equivalent to £901.30 an hour. By contrast, the average full-time worker earned £29,559 in 2018, equivalent to £14.37 an hour.

Furthermore, The High Pay Centre revealed that to match average worker pay in 2020, FTSE 100 CEOs who started work on Thursday 2 January 2020 only need to work until just before 17.00 on Monday 6 January – just three working days (33 hours) – to make the same amount of money the typical full-time employee will in the entire year.

The calculation for ‘High Pay Day 2020’ was based on research by HPC and the professional body for HR and people development, CIPD.

The High Pay Centre said that how major employers distribute pay across different levels of the organisation plays an ‘important role in determining living standards.’

The think tank suggested the gap has reflected an approach to business that has made the UK one of the most ‘unequal’ countries in the developed world, and that to raise incomes for low and middle earners, measures to increase the proportion of share distributed by big companies will be of ‘critical importance.’

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