The “national living wage” is £7.20 an hour for over-25s. The hourly pay rate of £1,009 is calculated on the assumption that FTSE bosses work 12 hours a day, including three out of every four weekends, and take fewer than 10 days holiday a year. The Fat Cat Wednesday calculation assumes bosses started back at work after Christmas on 2 January and is based on median FTSE 100 chief executive pay of £3.97m in 2015 – up from £3.87m in 2014. It’s clear our priorities are all wrong.” The trust’s executive director, Wanda Wyporska, said: “Bosses continue to rake in millions even when they fail, but those who care for us, protect us and teach our children are left struggling to get by. It was also 172 times more than a nurse’s pay and 145 times more than a teacher’s. Using High Pay Centre figures for 2015, it found average annual pay for a FTSE 100 boss was £5.48m, or 401 times that of a minimum wage worker. But while the pay of top executives has been rocketing up, the average weekly wage is still worth less than it was nine years ago.”Ĭampaigners at the Equality Trust highlighted the gulf between UK executives and key workers. Responding to the High Pay Centre analysis, she said: “Working people deserve a fair share of the wealth they help create. The rise in pay for FTSE 100 bosses such as Sir Martin Sorrell of the advertising company WPP and Bob Dudley of BP is in stark contrast to the fortunes of average workers, who have seen their living standards stagnate as a result of slow earnings growth since the financial crisis.įrances O’Grady, the TUC general secretary, said the prime minister must stick to her commitment to put workers on boards. He said giving workers a seat at the table when pay is set, something May aproposed but has recently softened her approach on, would help restrain executive rewards.

“We hope the government will recognise that further reform to pay practices are needed if this gap is to be closed.” But ‘Fat Cat Wednesday’ is an important reminder of the continuing problem of the unfair pay gap in the UK,” he said. “Our new year calculation is not designed to make the return to work harder than it already is. Stefan Stern, the head of the High Pay Centre, said forcing companies to publish pay ratios would be a good start.

In the political fallout from last year’s Brexit vote that catapulted her to power, May tapped into voters’ frustrations over inequality and since being made prime minister she has vowed to reform capitalism. It hopes its stark findings will act as a spur to the prime minister, Theresa May, to act on her promises to create an economy that works for everyone.

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