Bosses of the UK’s biggest companies will make more money in just four working days than the average Reading worker all year round, it is estimated.
The High Pay Center said some of the lowest-paying jobs in the country were the most important during the Covid-19 pandemic, and income inequality may now be more difficult to justify.
The think tank estimates that the average annual salary for CEOs of the FTSE 100 was £ 2.7million (roughly £ 827.69 per hour of their 12.5-hour days) in 2020 – the latest data available.
Assuming they started working at 8:30 a.m. last Tuesday, they were already making the average salary of a full-time worker in Reading (£ 36,500 in 2021) by 3:30 p.m. on Friday January 7 – just the fourth working day of the day. ‘year.
That means it would take 74 years for the average Reading employee to earn the annual salary of a top CEO.
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High Pay Center Director Luke Hildyard said: “Covid-19 has shown how much we all depend on each other. Some of the lowest-paying jobs have played the most important role in keeping the company going. operate during the pandemic.
“As the UK economy shrinks in value, there is also greater pressure to share what we have more fairly.
“In this context, it can be more difficult to justify the huge differences in pay between CEOs and workers.”
The median is used to prevent the numbers from being skewed by particularly low or high wages, and CEOs are assumed to work 62.5 hours per week.
The average reading salary was up from £ 33,032 in 2020.
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Danny Magill, Senior Research Fellow at The Equality Trust, said: “In a year that this country has faced unprecedented economic challenges, most CEO salaries have barely changed, showing how much high-income CEOs have distanced themselves from the realities of ordinary workers.
“While the taxpayer supported big business, it was essential workers who kept the economy afloat throughout the pandemic, often on low wages, no sick pay and at great personal risk.”
With women in Reading earning less on average than men to work full-time (£ 32,086 vs. £ 37,665), FTSE 100 bosses will exceed their annual salary in just 39 hours.