The executives of the FTSE 100, an index that brings together the hundred largest companies listed on the London stock exchange, had already earned on Thursday, after three working days in 2023, the equivalent of the median annual salary in the United Kingdom, according to a study.
They needed 30 hours of work, nine less than in 2022, to earn that amount, says the study by the High Pay Center think tank, at a time when the United Kingdom is facing a serious cost-of-living crisis.
For his part, “the great lawyers of the City” -the powerful British financial center- “they will have to wait until next week to see how (their income since the beginning of 2023) exceeds the median salary, while the big bankers will have to wait until January 20 ”, accurate.
The median salary for CEOs in the FTSE 100 is currently £3.41 million ($4.05 million, €3.86 million), 103 times the median salary for a full-time worker, which is 33,000 pounds per year.
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Top manager pay rose 39% in a year, while the UK median wage rose 6% over the same period and inflation soared to nearly 11%.
The High Pay Center’s calculations are based on information published by FTSE 100 companies on their executive pay and on UK government wage statistics.
“These figures show that the highest wages increased after the post-pandemic reactivation, after having fallen during the confinements”commented the High Pay Center.
“In the worst time in most people’s memory, it’s hard to believe that a handful of high income earners are charging such quantities”said its director, Luke Hildyard.
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