The High Pay Center (HPC), which examines corporate governance and business performance, recently released a report that indicated Britain’s top bosses raked in more money in 2016 than the average U.K. worker earned in an entire year.
The survey said that FTSE chiefs were paid out roughly £4.96 million a year,
and although CEOs worked long hours with few holidays, this is equivalent to an hourly pay of more than £1,200.
Meanwhile, incentive awards for these head honchos increased by nearly 50 percent of salary since 2014 while the annual pay of the average U.K. employee has increased by just £445, from £27,200 to £27,645 in 2015, the think tank said.
“We are not all in this together, it seems,” said Stefan Stern, HPC director. “Over-payment at the top is fueling distrust of business, at a time when business needs to demonstrate that it is part of the solution to harsh times and squeezed incomes, and is promoting a recovery in which all employees can benefit.”
The pressure group said that in the past, the government’s efforts to cap soaring CEO was not enough and “further measures are necessary” such as allowing the average employee to sit on remuneration committees, that set CEO pay. In addition, more transparency around executive compensation is needed and the group suggested that companies should publish a report about salary information from the highest to median earners at an organization.