Top Brit bosses’ wages 100 times more than the average worker

November 14th, 2007 - 3:02 am ICT by admin  
While ordinary wage earners typically earned 30,000 pounds last year, chief executives’ salary has doubled over the past 5 years to a staggering 3.2million pounds.

This means that the top executives are now paid more than twice as much in a week as most people do in a year, the Daily Mail reports.

Last year, the bosses of companies in the FTSE-100 index awarded themselves rises averaging 16 per cent - five times the average 3.5 per cent given to their employees over the same period.

The study, conducted by pay analysts Incomes Data Services, provoked outrage among politicians and trade union leaders who called the pay gap bizarre.

The study has revealed that many families on ordinary wages now have difficulty meeting soaring household and council tax bills.

Liberal Democrat acting leader Vince Cable said: “This is yet further evidence that Britain has become more of an unequal society under Labour.”

TUC general secretary Brendan Barber said: “Top directors clearly have no shame. Year in, year out they have been paying themselves far bigger rises than they are prepared to pay their staff, while lecturing us on the need for low taxes.”

The figures of the study showed that top salaries averaged 737,000 pounds last year, but executives raked in millions more with bonuses and share options. The average FTSE chief executive received a total of 3,174,000 pounds.

Barber said that it was hard to believe that chief executives were working twice as hard as 5 years ago. The pay gap between the boardroom and other workers is the biggest since records were first kept 7 years ago.

“This is not just morally-offensive greed, it is bad for the rest of society. The growth of the super-rich, semi-detached from the rest of society, hits social cohesion, feeds into house price inflation and harms staff loyalty and commitment,”

“It is time the rest of us gave a big raspberry to all their hand wringing excuses such as needing the incentives to match the international ‘going rate’,” he added. (ANI)

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