Top bosses’ pay passed the UK average for all of 2021 – in just five working days
Do they get too much or you get too little? Or both?
According to the High Pay Centre, median FTSE 100 CEOs’ earnings for 2021 surpassed the median annual wage for a full-time worker in the UK by around 5:30 pm on Wednesday, January 6.
It seems that conditions in 2020 mean the situation has taken a tiny, baby step towards equality – although when you see what this actually means, you may not think so:
We estimate that with CEO pay levels remaining essentially flat in their analysis, while pay for UK workers had increased slightly, it means that CEOs have to work 34 hours of the year to surpass median earnings, rather than just 33 hours in 2020.
Wow. Don’t get out the bunting for the street party just yet.
Pay for top CEOs today is about 120 times that of the typical UK worker. Estimates suggest it was around 50 times at the turn of the millennium or 20 times in the early 1980s.
Factors such as the increasing role played by the finance industry in the economy, the outsourcing of low-paid work and the decline of trade union membership have widened the gaps between those at the top and everybody else over recent decades.
This is optimistic:
These figures will raise concern about the governance of big businesses and whether major employers are distributing pay in a way that rewards the contribution of different workers fairly. They should also prompt debate about the effects that high levels of inequality can have on social cohesion, crime, and public health and wellbeing.
I don’t think they’ll raise concern. How can anybody worry about this huge inequality when they’re never told about it?
Be honest…
When’s the last time your boss told you how much more they earn than you do?
Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.
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