In Britain, The “Golden Boys” Made Three Days’ Worth Of Wages For One Worker
In Britain, the compensation of executives at major corporations increased by roughly 40% in a single year while that of employees increased by only 6%.
A poll reveals that the CEOs of the firms listed on the FTSE 100, the most significant index of the London Stock Exchange, are expected to have been paid by yesterday, the third day of their operations in 2023, the equal of the average yearly income in Britain.
The High Pay Centre notes in its report that, at a time when Britain is experiencing a severe cost-of-living crisis, it took the leaders of the 100 biggest firms listed on the London Stock Exchange 30 hours of labour, nine hours less than in 2022, to earn that much.
While major bankers are anticipated to achieve it on January 20, “the great attorneys of the City,” the most significant British financial centre, “will have to wait until the following week to see their compensation from the beginning of 2023 surpass the (year) average wage.”
A Rise In High Salaries
The High Pay Centre’s findings are based on government data on UK pay as well as information released by FTSE 100 firms on the compensation of their general managers.
Following a retreat during the lockdowns when the economic limitations were in effect, “these statistics reflect the growth in the top earnings since the reopening of the economy following the Covid epidemic,” the centre said.
General managers of FTSE 100 businesses presently get average salaries of 3.41 million pounds ($3.86 million), or 103 times more than the typical full-time worker’s GBP 33,00 annual income.
Income Redistribution
While the average British income increased by 6% during the same time period and inflation in Britain reached 11%, the remuneration of executives at major corporations increased by 39% in a single year.
Director of the High Pay Centre Luke Hildyard writes in the study, “During the worst era that the majority of people have experienced, it’s hard to comprehend that a minority of high-wage employees make such amounts.”
He contends that “we need policies for a greater redistribution of earnings to cope with the reduction in living conditions for the majority” of people in the nation.
