Fatcats lapping up £1m pay deals
More than 500 company executives are enjoying bumper pay packages wor th more than £1million a year – while the rest of us struggle to make ends meet.
The total pay bil l for Britain’s fatcat bosses came to £1.6billion or an average £ 40,080 a week – £10,500 more than most workers earn in an entire year.
Analysis of boardroom pay shows 505 top executives from Britain’s biggest firms pocketed £1million or more in their latest financial year – whi le the average UK full- time worker earned £29,574, including bonuses.
While executive pay rose by an average 8.6 per cent, wage increases for most workers ranged between just two and 3.3 per cent, says the union- backed Labour Research organisation.
The GMB union’s Neil Fos t er sa i d : “Thes e devastating f igures are further proof that our broken economy is rigged against the majority.
“It cannot be right that millions of people are going to work and struggling to get by while millionaires at the top and are lining their own pockets.”
Under government rules due to come into force in January, firms with more than 250 workers will be forced to publish the pay gap between bosses and staff.