Chief executives earn workers’ annual pay in two days

UK chief executives have already earned more money in 2014 than the average employee will in the whole year, according to research by the High Pay Centre.

The independent think-tank’s calculations found that FTSE 100 bosses surpassed the UK average salary of £26,500 by mid-morning on 8 January, which it has dubbed ‘Fatcat Wednesday’.

Its analysis found that chief executives are paid an average of £4.3 million a year, inclusive of salary and bonuses, which works out to £1,100 per hour, calculated on the assumption that they work 12-hour days, three out of four weekends and take only 10 days of holiday a year.

These calculations mean it takes only 24 working hours for chief executives’ remuneration to surpass the UK average annual salary of £26,500.

Deborah Hargreaves (pictured), director of the High Pay Centre, said: “’Fatcat Wednesday’ highlights how insensitive big organisations’ executives have become.

“When top bosses take home more in two-and-a-half days than the average worker earns in a year, there is clearly something wrong with the way pay is set for both bosses and employees.”