Today is Fat Cat Wednesday – when bosses’ pay overtakes workers’ entire 2017 earnings

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

Research from the High Pay Centre shows today is the day in 2017 on which the average pay received since the beginning of the year by CEOs of FTSE 100 companies surpasses the entire annual pay of the average worker.

At the time of publishing this story, since January 1st 2017 the average FTSE 100 CEO has earned £25,239.

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.”

Tom Jones, head of policy at Thompsons Solicitors said: “Insurance company fat cats such as Mark Wilson the CEO of insurance company Aviva – who will have earnt more than DOUBLE the average worker’s pay by midday on Wednesday 4 January – are in line to get even more if his friends in the government deliver their promised small claims changes.

“If they go through, the insurance industry will get at least £150 million a year directly from the taxpayer and the NHS, and the government admits that in addition insurance company profits will also go up by at least £200m. The average worker meanwhile will lose out not just in the pay stakes but by losing their basic legal rights if they are injured.”

 

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