CEO pay will make you angry, unless you are one of course… Chief executives from firms on the FTSE 100 enjoyed a huge pay bump amounting to around £500,000 in 2022, according to the High Pay Centre.
Blue chip bosses have been handed a 16 per cent pay rise amid BoE calls for restraint on wages.
It comes as the bank boss Andrew Bailey has led the pay restraint calls, for fear of a wage-prices spiral making inflation more stubborn – is paid just under £500,000 a year.
FTSE 100 CEOs
The High Pay Centre shared their findings and wrote: “New High Pay Centre research shows that pay for FTSE 100 CEOs increased by over £500k in 2022. In 2022 FTSE 100 CEOs were paid £3.91m – 118 times the median UK worker. That’s up from a ratio of 108:1 in 2001.”
Luke Hildyard, director of the High Pay Centre, said: “At a time when so many households are struggling with living costs, an economic model that prioritises a half-a-million-pound pay rise for executives who are already multi-millionaires is surely going wrong somewhere.
“How major employers distribute the wealth that their workforce creates has a big impact on people’s living standards.”
The Green party is trying to revive calls for a 10:1 pay ratio rule, saying it would help rein in “obscene levels of pay” at a time when the cost of living crisis is taking its toll on regular workers.
Co-leader of the Green Party, Adrian Ramsay, said: “The UK’s leading fat cat bosses are raking in obscene levels of pay while many of their workers struggle to make ends meet in a cost of living crisis.
“That’s why the Green Party is repeating a call for a 10:1 pay ratio, mandated by law, to ensure that the highest paid individuals in an organisation receive no more than ten times the amount of the lowest paid.
“Such a policy would drive an uplift in wages for the lowest paid workers while addressing rampant and ever-widening inequality.
“We also know it is the wealthiest that are having a hugely disproportionate impact on the climate crisis. The world’s richest 1% are responsible for 15% of carbon emissions, nearly twice as much as the poorest 50% .
“It is clear that a 10:1 pay ratio would help create a fairer and greener country.”
TUC’s Paul Nowak said: “While millions of families have seen their budgets shredded by the cost of living crisis, city directors have enjoyed bumper pay rises.”
Nowak then added: “This is why workers must be given seats on company boards to inject some much-needed common sense and restraint. We need an economy that delivers better living standards for all – not just those at the top. But under the Tories, Britain has become a land of grotesque extremes.”
Does this image sum it up for you?