Britain’s top company bosses on the Financial Times Stock Exchange 100 (FTSE 100) list earned 133 time more than the average British worker last year, a new report has revealed.
The average salary for an FTSE CEO was around £3.9 million in 2018, while the full-time salary in the country was £29,574, according to a report by the Chartered Institute of Personnel and Development (CIPD), an association for human resource professionals, and the High Pay Centre, a research group.
The report was released on Friday, which has become known as the Fat Cat Friday, the day when the country’s top bosses earned more money in 2019 than what average Britons were going to make in the whole year.
According to The Times, the top bosses “needed to work only 29 hours this year to reach average annual pay in Britain, two hours less than last year.”
This means they surpassed their workers’ year-long pay around mid-day Friday. They exceeded female employees’ full-year earnings even earlier, by around 8.30am.
The Fat Cat Day campaign renewed calls for major overhaul of labor laws in the country. While wages have remained the same for many ordinary workers, top bosses have enjoyed an average raise of 11% in 2018.
The campaign, organized by the High Pay Centre think tank and the CIPD, seeks to “draw attention to the vast discrepancy in British wages”, according to The Independent.
“We recognize that the language is quite extreme but so is the situation,” CIPD chief executive Peter Cheese said.
“Excessive pay packages awarded by remuneration committees represent a significant failure in corporate governance and perpetuate the idea of a ‘superstar’ business leader when business is a collective endeavor and reward should be shared more fairly,” he added.
Sam Smethers, chief executive of a gender equality charity named Fawcett Society, said Fat Cat Friday also highlighted the gender pay gap that exists between the bosses and their workers at the bottom of the scale.
“The truth is the cats at the top of the income tree are overwhelmingly male, while the lesser-fed worker variety at the bottom are predominantly female,” she said.