You are here: Home - Household Bills - News -

‘Fat Cat’ bosses have already made the average worker’s annual salary

Written by: Paloma Kubiak
FTSE 100 bosses have already made more money by the first Wednesday of 2017 than the typical UK worker will earn in the whole year.

Today has been coined ‘Fat Cat’ Wednesday as top bosses will have already earned over a thousand pounds an hour in the two and a half working days of 2017.

Calculations by think tank  the High Pay Centre show that top company executives passed the UK average salary of £28,200 by midday today, showing dramatically different rates of pay at the top compared with what other staff receive.

The average pay ratio between FTSE 100 CEOs and the average total pay of their employees in 2015 was 129:1.

Median FTSE 100 CEO pay in 2015 was £3.973 million and the High Pay Centre said that even if CEOs worked long hours with very few holidays, this is equivalent to a rate of pay of over £1,000 an hour.

In comparison, the National Living Wage for over 25s is £7.20 an hour.

High Pay Centre director Stefan Stern, said: “Our new year calculation is not designed to make the return to work harder than it already is. But ‘Fat Cat Wednesday’ is an important reminder of the continuing problem of the unfair pay gap in the UK.

“Effective representation for ordinary workers on the company remuneration committees that set executive pay, and publication of the pay ratio between the highest and average earner within a company, would bring a greater sense of proportion to the setting of top pay.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
VIDEO: Investors should prepare for a volatile 2017

2016 was a rollercoaster year for investors thanks to concerns about the US Federal Reserve raising interest rates, anxiety around Chinese growth as...