And a prosperous New Year to…..

Britain’s bosses who will earn more in four days than average worker takes home in an entire YEAR

The widening gulf means the typical chief executive at a FTSE 100 company is paid more than 100 times the average worker’s salary – with many pocketing far more.

Last year it took until 9am on the fourth working day of the year for a FTSE 100 boss to earn more on an hourly basis than a UK worker’s annual salary, based on median remuneration figures for both groups. 

This year the dubious milestone will be passed much earlier – at about lunchtime on the third working day of the year, January 5…

..It also deals a blow to attempts by former PM Theresa May to tame ‘fat cat’ pay by forcing companies to disclose more information about their pay ratios.

In 2017, she described the behaviour of some company bosses as ‘the unacceptable face of capitalism’ in an article for The Mail on Sunday. 

She launched a public register – commonly now referred to as a ‘blacklist’ of egregious executive excess – when a significant number of shareholders complain boardroom pay is too high.

Details of the widening pay gap are contained in a report to be published this week by the High Pay Centre, a think-tank that campaigns for a fairer deal for staff – and more moderation from bosses. It found that after a brief pause during the pandemic, the gap between chief executive and average worker pay is on the rise again… (Extract)