“CEO pay soars as working wages flatline”

“Pay for chief executives at Britain’s largest listed companies rose more than six times faster than wages in the wider workforce last year. The average boss’s pay packet hit £3.9m. A worker on a median salary of £23,474 would have to work 167 years to earn that.

Chief executive pay at FTSE 100 businesses surged 11% while average worker earnings failed to keep pace with inflation, rising just 1.7%, according to the High Pay Centre’s annual review. The report comes after years of workers’ pay being squeezed by weak pay growth and rising prices. The mean figure for female bosses was £2.8m – less than half the £5.9m average for men – and men got more than women in eight out of 10 companies and organisations that reported figures under government rules

Frances O’Grady, the general secretary of the Trades Union Congress, said: “Workers should get seats on boardroom pay committees to bring a bit of common sense to pay decisions. And the government should put the minimum wage up to £10 an hour to give more workers a fairer share of the wealth they create.” Meanwhile, unions have rebuffed a call from the transport secretary to cap train fare rises if rail workers agree to cap their pay claims accordingly. “As you will be aware, one of the industry’s largest costs is pay,” Chris Grayling wrote to rail unions. The RMT said rail staff would not pay for “the greed of the private train operating companies”.”

Source: Guardian e-briefing