Pay of UK CEOs passes average wage in three days
January 4, 2018 -- The average chief executive of Britain’s FTSE 100 top companies has earned the same in the first three days of 2018 as the typical worker will make in the entire year, according to the High Pay Centre and Chartered Institute of Personnel and Development (CIPD).
The CIPD, the professional body for human resources, calculated that company bosses earn £4.5 million (€5.06), or £12,300 (€13,821) every day of the year. They will take less than three days to surpass the £28,758 (€32,315) average salary.
When looking at a chief executive’s median pay, researchers found that bosses earned 120 times more than the average employee, despite an average 17 percent drop in CEO pay in 2017 amid pressure over excessive compensation from investors and the government.
The report on “Fat Cat Thursday” showed the best-paid boss -- advertising company WPP’s Martin Sorrell -- on £48.2 million (€54.2m).
Arnold Donald of cruise company Carnival follows Sorrell with £22m, (€24.7m) and Rakesh Kapoor of consumer goods company Reckitt Benckiser, is in third place -- despite seeing his pay fall from £23.1m (€26m) to £14.6m (€16.4m).