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FTSE100 Fat Cats Earn Same As 400 Care Workers

Wednesday, August 15, 2018

FTSE100 FAT CATS EARN SAME AS 400 CARE WORKERS EACH YEAR

The fact FTSE100 CEO pay is rising five times faster than average wages is a badge of national shame, says GMB Union

The average yearly pay packet trousered by chief executives of FTSE100 companies is the same as 400 care workers’ annual earnings, says GMB.

The average FTSE 100 fat cat’s salary is 409 times that of care workers, or the same as the annual earnings of 286 refuse collectors, 165 paramedics - or 38 Prime Ministers. [1]

Figures released by the High Pay Centre and the Chartered Institute of Personnel and Development today [Wednesday 15 August] show that the mean remuneration received by CEOs of FTSE100 listed companies in 2017 was £5.7million. 

Dedicated care workers, who look after our nearest and dearest, earned just £13,948 on average in the same year. 

[2]

The average pay of FTSE100 CEOs rocketed by 11% between 2016 and 2017 – compared to an average 2% increase for UK workers over the same period. [3]

Tim Roache, GMB General Secretary, said:

“These figures expose shocking excess in UK company boardrooms.

“We live in a country where company fat cats get paid 400 times more than the dedicated, hard-working carers who look after our nearest and dearest.

“Not to mention hundreds of times more than those who keep our streets clean, or ambulance workers who save lives.

“The fact that FTSE100 CEO pay is rising five times faster than average wages is a badge of national shame.

“Working people create the wealth in this country – but they are the ones who suffer falling living standards while fat cats lap up the cream.

“Trade unions have never been more important in the battle to narrow the pay gap in our increasingly unequal society.”

ENDS

Contact: GMB Press Office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors:

[1] Contact the High Pay Centre for a copy of their full release: http://highpaycentre.org/

[2] Average occupational earnings data is taken from the Annual Survey of Hours and Earnings (ASHE)

Occupation

Mean earnings (2017)

Mean CEO remuneration divided by average earnings

Care workers

£13,948

409

Refuse workers

£19,954

286

Paramedics

£34,525

165

In addition, the Prime Minister received £151,451 in 2017 – the mean CEO’s remuneration was £5.7 million in the same year. This equated to 38 Prime Ministerial salaries (including earnings from being an MP).

Source: ONS, ASHE, Occupation SOC10 (4) Table 14.7a   Annual pay - Gross 2017

Cabinet Office, Ministerial salary data https://www.gov.uk/government/publications/ministerial-salary-data

[3] The median remuneration of FTSE100 CEOs rose by 11% between 2016 and 2017, according to the High Pay Centre.

According to the ONS’s ASHE publication, the average median earnings for all workers increased by 2% during the same period.

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