By Oisin Sweeney • 06 January 2021 • 13:00
Trade deals and FDI are creating jobs in the UK.
Image Source: Wikimedia
A RECENT thinktank study has revealed that the UK’s top executives earn 115 times more than average full-time British workers.
The High Pay Centre has found that it would take more than two centuries of full-time minimum wage work to earn what an FTSE Top 100 executive makes in a year. Britain’s top CEOs earn an average of £3.6 million per year, 115 times more than the £31,461 average salary of UK full-time workers.
The study found that top executives work usually work 12-hour days 320 days a year, amounting to an average hourly wage of £941. By this measure, it takes around 34 hours of work for a top CEO to earn what an average worker makes in a year.
The thinktank estimates that at the turn of the millennium top CEOs earned 50 times more than average Brits and 20 times more in the early 1980s. It singled out the online supermarket company Ocado as a case study of massive wage differences. CEO Tim Steiner netter £58.7 million in salary during 2019, roughly 2605 times more than the £22,500 paid to the company’s full-time delivery staff annually.
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Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...
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