This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-42559224
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
'Fat cat Thursday' as top bosses pay overtakes UK workers | |
(about 9 hours later) | |
If you earn an average UK salary, by the end of today a top boss will have earned more than you do all year. | If you earn an average UK salary, by the end of today a top boss will have earned more than you do all year. |
In fact, it takes a top chief executive just three days to earn £28,758. | In fact, it takes a top chief executive just three days to earn £28,758. |
The day has been declared "Fat Cat Thursday" by think tank the High Pay Centre and HR industry body the CIPD, which calculated the figure. | The day has been declared "Fat Cat Thursday" by think tank the High Pay Centre and HR industry body the CIPD, which calculated the figure. |
The gap between executive pay and the rest of the workforce remains huge despite top bosses pay dropping by a fifth last year. | The gap between executive pay and the rest of the workforce remains huge despite top bosses pay dropping by a fifth last year. |
The average boss of one of the UK's largest 100 listed firms earned £4.5m last year, down from £5.4m the year before. | The average boss of one of the UK's largest 100 listed firms earned £4.5m last year, down from £5.4m the year before. |
Reality Check: How big is the pay gap? | Reality Check: How big is the pay gap? |
May accused of backtracking on pay plans | May accused of backtracking on pay plans |
Nonetheless, an average chief executive still earns 120 times more than the average full-time worker, according to the High Pay Centre. | Nonetheless, an average chief executive still earns 120 times more than the average full-time worker, according to the High Pay Centre. |
Its calculation assumes that the executives work 12 hours a day, most weekends and take just 19 days holiday a year. | Its calculation assumes that the executives work 12 hours a day, most weekends and take just 19 days holiday a year. |
At this rate, it means bosses only need to work 32 hours - taking them to Thursday, assuming they started work on 2 January - to reach the median full-time employee salary. | At this rate, it means bosses only need to work 32 hours - taking them to Thursday, assuming they started work on 2 January - to reach the median full-time employee salary. |
The think tank has made the calculation for the past four years, and High Pay Centre director Stefan Stern said its figures showed there were still "unjustifiable [pay] gaps between the top and the rest of the workforce". | The think tank has made the calculation for the past four years, and High Pay Centre director Stefan Stern said its figures showed there were still "unjustifiable [pay] gaps between the top and the rest of the workforce". |
New rules | New rules |
From later this year, as part of government reforms, around 900 listed companies will have to publish and justify the pay ratio between their chief executives and their average worker. | From later this year, as part of government reforms, around 900 listed companies will have to publish and justify the pay ratio between their chief executives and their average worker. |
The Conservatives had promised in their manifesto that executive pay should be approved by an annual vote of shareholders. | The Conservatives had promised in their manifesto that executive pay should be approved by an annual vote of shareholders. |
However, the new measures instead propose that those public companies who face a shareholder revolt on pay will be named on a register overseen by the Investment Association. | However, the new measures instead propose that those public companies who face a shareholder revolt on pay will be named on a register overseen by the Investment Association. |
A Business Department spokesman said the new rules would ensure "that the UK remains one of the best places in the world to work, invest and do business." | A Business Department spokesman said the new rules would ensure "that the UK remains one of the best places in the world to work, invest and do business." |