Huge pay gap between CEOs and staff revealed
FTSE 100 chief executives will be paid more within three working days of 2020 than the average employees’ annual wage, according to new research.
The data was compiled by the Chartered Institute of Personnel and Development (CIPD) and the High Pay Centre think tank and highlights the huge pay gap between senior execs and their staff.
The figures suggest the average FTSE 100 chief was paid £3.46m (S$6.15m) compared to the average full-time annual salary of £29,559 (S$52,503). This means that top bosses earned about 117 times their average employee.
Peter Cheese, chief executive at the CIPD, said: “This is the first year where businesses are really being held to account on executive pay. Pay ratio reporting will rightly increase scrutiny on pay and reward practices, but reporting the numbers is just the start.
“We need businesses to step up and justify very high levels of pay for top executives, particularly in relation to how the rest of the workforce is being rewarded.”