An average CEO at a major company will see their earnings surpass the average salary of a full-time UK worker by lunchtime on Monday 6 January.
A typical FTSE 100 CEO will earn more than £37,430 – the median salary for a full-time worker in the UK – in less than three working days, according to analysis from the High Pay Centre.
Median FTSE 100 CEO pay currently stands at £4.2m, which represents a 2.5 per cent increase on median CEO pay levels in the past year, while the median worker’s pay has increased by 7 per cent.
As a result, the High Pay Centre has said FTSE 100 bosses will have to work two hours more than they did in 2024 to overtake the UK median worker.
The High Pay Centre’s calculations assume that CEOs work 62.5 hours a week, based on a study from Harvard Business School.
This equates to 12.5 hours a day over five days, and an hourly rate of £1,298.46 on the basis of a £4.22m annual pay.
This means that CEOs would surpass the £37,430 median earnings for a full-time worker in the UK in a little under 29 hours.
On the basis of 12.5-hour days starting at 8am, with their working year beginning on Tuesday 2 January, this would occur at around 11.30am on Monday 6 January.
What do campaigners say should change?
High Pay Centre Director Luke Hildyard said: “A feeling that the economy works for the enrichment of a tiny elite at the expense of wider society is an underrated cause of populist anger and support for extremist politics. Policymakers who fail to address this inequality are storing up some big problems for the future.”
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Read MoreTrade union leaders said that the calculations showed the importance of the Government’s Employment Rights Bill.
Trades Union Congress general secretary Paul Nowak said: “Every working person plays a part in producing Britain’s wealth. But while millions of low-paid workers are still feeling the effects of the cost of living crisis, people at the top are taking more than their fair share.
“The Government’s Employment Rights Bill will help many workers by improving pay bargaining rights and job security. We also need reforms to rein in boardroom greed, including seats for workers on executive pay committees.”
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