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TUC attacks 'Fat Cat Wednesday'

In four days top bosses earn worker’s salary

PayBy mid-day today Britain’s highest paid bosses will have made more money since 1 January than the typical UK worker will earn all year, according to new research.

The TUC says ‘Fat Cat Wednesday’ is a reminder of how important corporate governance reform is to making the economy fairer for all working people.

The High Pay Centre says the average FTSE 100 boss now earns more than £1,000 an hour, meaning they will pass the UK average salary of £28,200 by around noon.

It found that the average pay ratio between FTSE 100 chief executives and the average total pay of their employees in 2015 was 129 times larger than that of the average pay of their employees.

TUC General Secretary Frances O’Grady said: “Working people deserve a fair share of the wealth they help create.

“But while the pay of top executives has been rocketing up, the average weekly wage is still worth less than it was nine years ago.

“The Prime Minister must stick to her promise to tackle excessive pay at the top. And she should keep her commitment to put workers on company boards.

“This would help keep executive salary decisions grounded in common sense and fairness.”

Real average weekly pay was £522 at its peak in 2007, but is £499 in 2016. This is based on ONS data from the Labour Force Survey up to 2015, and Office for Budgetary Responsibility projections for 2016.

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