Bosses’ pay surges ahead at twice speed of the lowest

BOSSES’ pay has almost quadrupled in the past 20 years – while the minimum wage has barely doubled, a study shows.

The GMB union found the lowest-paid would now get £12.74 an hour if they had kept pace – an extra £11,835 a year for workers aged 25 or over on a 40-hour week.

Instead they make just £7.50 an hour, up from £3.60 when the wage was first brought in by Labour Chancellor Gordon Brown in 1998.

In the same period the average annual pay of bosses in FTSE 100 firms has soared to £4.35million, up from £1.23million.

The GMB analysis of figures by the High Pay Centre comes as “Fat Cat Day” approaches on January 4. That’s the day many FTSE 100 CEOs will already have been paid at least as much as the average worker will earn by December 31.

Tim Roache, GMB General Secretary, said: “The national minimum wage was a hugely important step for working people.

“Its anniversary should be a cause for celebration – but risks being marred by the growing pay gap between workers and bosses.

“The rich have pulled ahead to an extent that is frankly sickening.”

Calling for a minimum £10 an hour, Mr Roache added: “Those on the minimum wage don’t squirrel their pounds away in Panama.

“They spend them on the high street, to benefit the real economy.”

SICKENED Tim Roache