An average FTSE 100 boss will make on average £1,170 per hour (Picture: PA)
FTSE 100 bosses earned more than the average UK worker makes in a year by 1pm this afternoon.
The median pay for a FTSE 100 boss, excluding pensions, stands at £3.81 million a year, or £1,170 per hour, in the financial year ending in March 2023, according to the High Pay Centre.
This compares to the median full time worker’s pay which is £34,893 a year, according to the Office for National Statistics (ONS).
The Trades Union Congress (TUC) said the analysis shows ‘obscene levels of pay inequality’.
TUC general secretary Paul Nowak said: ‘While working people have been forced to suffer the longest wage squeeze in modern history, City bosses have been allowed to pocket bumper rises and bankers have been given unlimited bonuses.
‘It doesn’t have to be this way. We need an economy that rewards work – not just wealth.
‘That means putting workers on company boards to inject some much-needed common sense into boardrooms. It means taxing wealth fairly.
‘And it means a government that is willing to work with unions and employers to drive up living standards for all.’
The pay has been dubbed as ‘obscene’ by the TUC (Picture: PA)
A cap on bonus payments for bankers was scrapped last year meaning there is no longer a limit on the amount people who work for banks or building societies in Britain can receive in annual payouts.
FTSE 350 executives will have to work until January 10 before they earn more than the average worker earns in a year.
Meanwhile top lawyers at law firms like Clifford Chance and Allen & Overy will surpass the average worker’s salary on January 8.
The top 1% of workers earning at least £145,000 a year will have overtaken what the average worker earns by March 29.
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The High Pay Centre’s director, Luke Hildyard, said: ‘Lobbyists for big business and the financial services industry spent much of 2023 arguing that top earners in Britain aren’t paid enough and that we are too concerned with gaps between the super-rich and everybody else.
‘They think that economic success is created by a tiny number of people at the top and that everybody else has very little to contribute.
‘When politicians listen to these misguided views, it’s unsurprising that we end up with massive inequality, and stagnating living standards for the majority of the population.’
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The average FTSE 100 boss is paid £1,170 per hour.