Have you had an 11% increase in pay?
I doubt it because, according to this BBC story, the average British worker received a mere 1.1% increase in pay in the last year. Since inflation has been higher than this, it means that British workers have suffered a real decrease in pay at the same time as provision of public services has been cut.
But, we’re all in this together, right? Well, no. According to the same story, the Chief Executives of the FTSE 100 companies have seen an average rise in pay of 11%. Well, perhaps they are so poorly paid that they need a percentage increase 10 times that of the rest of us.
Apparently not. According to the research by Manifest, the typical CEO of an FTSE 100 company earns £3.65 million annually. In fact, this could be an under-estimate. Manifest’s research is based on an analysis of accounts for 60% of the relevant companies. I did a posting a few weeks ago quoting work by Incomes Data Services which suggested that FTSE 100 CEOs average £4.2 million a year.
Is it any wonder that shareholders in a variety of British companies and voters in elections across Europe are rebelling against the unjustifiable inequalities in our societies.