Britain’s CEOs get 16% pay rise to 3.9 mln pounds even as workers struggle, ETHRWorld

By Tommy Wilkes

LONDON- The bosses of Britain’s biggest companies saw their pay jump 16% in 2022, sending their average earnings to 118 times the median UK full-time worker’s while employees struggled with soaring inflation, new research showed on Monday.

The median pay of a FTSE 100 CEO last year hit 3.91 million pounds ($5 million), the highest level since 2017 and 500,000 pounds up on 2021, according to the annual research from the High Pay Centre.

The ratio of the median CEO’s pay to a median UK full-time worker, at 118, was up from 108 times in 2021 and 79 times in 2020, the think tank, which campaigns for fairer pay and a greater voice for workers on company boards, calculated.

“At a time when so many households are struggling with living costs, an economic model that prioritises a half a million pound pay rise for executives who are already multi-millionaires is surely going wrong somewhere,” said High Pay Centre Director Luke Hildyard.

British CEO pay remains far lower than in the United States, however. A new study this month showed that S&P 500 chief executives made $16.7 million on average in 2022, 272 times the pay of their median workers, although that marked a decline on both…