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DOES YOUR BOSS EARN ENOUGH ?

An article by Robert Neate in the Guardian reports The High Pay Centre’s 2022 report that ‘The bosses of Britain’s biggest companies made more money by breakfast time on the 7th January than the average UK worker will earn in the entire year.’ 

Since the 1960’s the ratio of CEO to workers pay has grown rapidly. In 1965 the ratio in the UK was 20.1, by 1989 this figure had become 58.1. Robert Neate updates this  saying  ‘The 2021 average salary of the CEO’s of FTSE 100 companies was £2.7m and that was 86 times the £32,285 average salary for a full time UK worker.’

The Guardians’s Business correspondent Nils Pratley tells us that average CEO pay has gone down from £3.25m during the pandemic but is set to rise as the economy recovers from Covid.

Whilst the average may be £2.7m Pascal Soriot the boss of AstraZeneca is the highest paid UK executive with £15.5m whilst the next in line is Experian’s Brian Cassin who gets a mere £10.3m a year.

In Neate’s article Frances O’Grady the general secretary of the the TUC is quoted as saying ‘The pandemic has shown us all who keeps the country going during a crisis. There are millions of hardworking people in Britain - from carers to delivery drivers and shop floor staff - who give more than they get back, ....... As we emerge from the pandemic we need to redesign the economy to make it fair, and that means big reforms to bring CEO pay back down to earth.’

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