Union leaders term the ‘unfair’ and ‘disgusting’ large wage gap.
According to an independent study of the vast pay disparity between bosses and everybody else, the bosses of Britain’s biggest firms would have gained more cash at teatime Wednesday than the average British worker does all year.
An total of £ 3.6 million a year would be charged to the bosses of FTSE 100 firms, 115 times the £ 31,461 that full-time employees in the UK are paid. According to research by think tank High Pay Centre, they earn on average.
By 5:30 p.m. on an hourly basis, managers would have gained more. Wednesday, Jan. 6, than the average worker in all of 2021 would have won.
Warren Kenny, the GMB union’s acting general secretary, representing more than 600,000 workers, said, “These sickening figures reveal the sheer scale of workplace inequality and exploitation.”
“The workers who made heroic sacrifices to hold society together during the [coronavirus]outbreak deserve better – it’s time for business leaders, shareholders and politicians to wake up and act.”
TUC General Secretary Frances O’Grady said that the fact that bosses have already made too much money “tells you all you need to know about how unfair our economy is.”
Our army of minimum wage employees have kept the country going through the pandemic – care workers, sales clerks and delivery drivers. “If the government is serious about equalizing Britain, it needs to start equalizing pay and conditions for those we depend on most, and stop trying to freeze the salaries of key staff,” she said, not these CEOs at the top, who are pocketing much more than their share.”
“The salaries of top CEOs are now around 120 times those of the typical UK worker,” said Luke Hildyard, director of the High Pay Centre, which calls for a cap on executive pay. Estimates say that at the turn of the millennium it was about 50 times and in the early 1980s 20 times.
Online supermarket Ocado was listed as the business with the largest pay disparity between top executives and employees.
In 2019, the chief executive, Tim Steiner, was paid £ 58.7 million, which is 2,605 times the £ 22,500 on average received by the employees of the online grocer.
That means that Steiner was paid about ten times an Ocado employee’s average annual salary for only one day’s work.
The High Pay Centre reports in its report that CEO salaries have stayed largely the same over the past year, although wages have risen marginally for U.K. employees.
That means that CEOs will have to work 34 hours a year, up from just 33 hours in 2020, to beat the median wage.
“The calculations of the think tank assume a “very demanding workload” of 320 12-hour workdays a year for CEOs. This is equivalent to an average salary of £ 941 per hour.
It will take 212 years for a worker on the full minimum wage of £ 8.72 per hour to receive as much as the average CEO in one year.