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Top CEOs to Surpass UK Average Annual Salary After Just Four Days | Executive compensation and bonuses

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Bosses of Britain’s biggest companies will have made more money in 2022 at breakfast time on Friday than the average British worker will earn in the entire year, according to the huge gap analysis compensation between the FTSE 100 CEOs and everyone else.

The High Pay Center, a think tank that campaigns for fairer pay for workers, said that by 9 a.m. on January 7, the fourth working day of the year, a chief executive of the FTSE 100 will have been appointed. paid more on an hourly basis than the UK worker’s annual salary. based on the median average earnings of the two groups.

The country’s largest unions have said it is a shame that “greedy executives are bringing millions home as ordinary workers face another year of pay cuts”, and demanded that companies be forced to appoint a front-line worker on executive compensation committees.

FTSE 100 chief executives were paid an average of £ 2.7million in 2020 (the latest figures available for the full year), which is 86 times the average salary of £ 31,285 for UK workers full-time, according to figures from the Office for National Statistics.

The average CEO salary fell 17% in FY2020 as many bosses suffered a temporary pay cut at the start of the pandemic and the first nationwide lockdown and many of their bonuses were canceled. This means that this is the first year in a decade that CEOs have to work through the fourth day of the working year to earn the same amount as the average full-time worker in a year.

Most of the FTSE 100 companies have yet to announce their CEO compensation for their fiscal year ending 2021, but 57% of those that did have seen an increase from 2020 levels, according to the report. of the High Pay Center.

Frances O’Grady, TUC General Secretary, said: “The pandemic has shown us to all those who keep the country running during a crisis. There are millions of hard-working people in Britain – from caregivers and delivery drivers to workshop staff – who give more than they get in return, but greedy executives are bringing millions back. house while ordinary workers face another year of pay cuts.

“As we emerge from the pandemic, we need to rethink the economy to make it fair, which means big reforms to bring CEO pay back to earth. “

O’Grady said works councils that set CEO compensation should “be required to include employee representatives who can advocate for a fair balance of compensation with ordinary workers. Incentive schemes for entrepreneurs should be replaced by profit sharing schemes which include the entire workforce. Too much wealth is accumulated at the top.

Top CEOs to Surpass UK Average Annual Salary After Just Four Days |  Executive compensation and bonuses

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Pascal Soriot, on the left, gives Prince Charles a tour of AstraZeneca’s new R&D center in Cambridge last November. Photograph: Chris Jackson / AFP / Getty Images

Pascal Soriot, managing director of AstraZeneca, the pharmaceutical company that makes the Oxford Covid-19 vaccine, was the highest paid, receiving £ 15.5million. The other main earners were Brian Cassin of Experian, who raised £ 10.3million, Albert Manifold of CRH, with £ 10million, and Rob Perrins of Berkeley, who raised £ 8million.

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Gary Smith, general secretary of the GMB union, which represents 600,000 workers, said figures showed bosses were being paid 173 times the amount received by caregivers who risked their lives on the front lines of the pandemic.

“The bosses of fat cats in pants 173 times more than the caregivers who care for our loved ones is a shame,” he said. “It doesn’t look very level and that’s all that’s wrong with our economy. All UK workers need to be properly paid and assessed if we are to get our post-Covid economy back on track. “

Unite general secretary Sharon Graham said: ‘Is it the nurse in an intensive care unit saving the lives of those stricken by Covid, or an elite investment banker making millions, who contributes the most to society? Which of them defended all of us during the pandemic? “

Top CEOs to Surpass UK Average Annual Salary After Just Four Days | Executive compensation and bonuses

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