Fatcats’ 40% payrise

..that’s six times what workers got

£4.5m Chris O’Shea enjoyed largest rise of 413%

AVERAGE pay for Britain’s top bosses soared 40% last year… six times a typical worker’s increase.

Between them, 120 greedy company chiefs shared an “obscene” £420million.

The Mirror analysed figures for all 60 FTSE 100 companies that have published annual reports this year.

We looked at total packages – salaries, bonuses, pension payments and other benefits – for 120 chief executives and chief financial officers.

Of those, 54 earned more than last year and 49 made less.

It was not possible to calculate figures for the rest, who started their jobs midway through the year.

The average fatcat raked in £3.5m – 133 times more than a typical worker.

The figure was even higher for the 54 who got an increase. Their average jumped from just under £3m to £4.1m.

But even that is dwarfed by some monstrous windfalls.

Highest paid was Pascal Soriot, boss of pharmaceuticals giant Astra Zeneca, who got £15.3m. His package was slightly lower than the previous year.

Pay and perks for BP boss Bernard Looney rocketed 125% to £10m. The biggest increase went to Chris O’Shea, boss of British Gas owner Centrica.

His total leapt 413% to nearly £4.5m after he ignored calls to waive a bonus as he had done in 2021.

Luke Hildyard, director of think tank the High Pay Centre, said: “If some of the millions these companies lavish on

£15.3m Pascal Soriot was highest paid fatcat

multi-millionaire senior executives were instead distributed more sensibly it could fund a significant pay rise for thousands hit by soaring prices.”

TUC general secretary Paul Nowak said: “Working people are seeing living standards plummet. But it is different story for those at the top. At a time when millions are struggling, these payouts are obscene. We need proper action to tackle corporate greed.”

Astra Zeneca said Mr Soriot’s package included a long-term bonus scheme that paid out and was boosted by a sharp rise in the share price.

Centrica said Mr O’Shea did not get a bonus for four years before the one he received in 2022. BP pointed out that Mr Looney’s package was linked to performance over three years

THERE is one group insulated from the cost of living crisis: the bosses of the country’s biggest companies.

The chief executives of major firms were paid a combined £420million last year.

At a time when the majority of workers are desperate for a wage rise, their bosses’ average pay and perks have increased by 40%.

Tory ministers claim that paying public sector employees more would stoke inflation.

But they have not uttered a word of condemnation as greedy bosses stuff even more banknotes into their already bulging pockets.

These double standards are typical of a Government that panders to the rich while ignoring the plight of the poor.