Fat Cat Friday - Top UK Bosses' Pay Overtakes Average Workers' Annual Salary
Today is ‘Fat Cat Friday’, so called because after just three working days in 2019, bosses of the UK’s biggest companies have already earnt more than the average UK worker will all year.
In fact, latest figures show that this year CEO’s at FTSE 100 companies are now earning 133 times more than the average worker, an increase of 11% compared to last year.
The average UK salary now stands at £29,574 whilst the average pay for top bosses is £3.9million, meaning that they only have to work for 29 hours to earn the same as many of their employees will by working for a full 12 months.
These statistics have been met with heavy criticism and highlight concerns that the excessive pay levels are contributing to the gender pay gap, which currently shows that in the UK 17.9% of women are paid less than men.
There are renewed calls for workplace representatives to sit on pay committees so that there is more pressure on businesses to share rewards evenly, something that the government previously proposed but have not yet implemented.
However, from 2020 UK companies listed on the stock exchange will have to disclose the pay ratio in their business, as well as to explain why senior staff earn more than the average worker. Whether this means we will see more of a ‘Chubby Cat Friday’ next year, with a reduction in CEO pay in order to massage those figures, remains to be seen.