Bosses’ pay has risen by 21 percent in the past year, while average wages for workers have fallen in real terms.
According to a new report from Incomes Data Services (IDS), top executives at the FTSE100 companies now “earn” 120 times as much as the average employee in Britain. Back in 2000 the figure was 47 times. Over those 14 years executives saw their median earnings rise by 278 percent.
Much of the inflated growth in income comes from share awards and bonuses, which top up salaries for the rich.
Despite outcry over bonuses in the early years of the economic crisis, they have continued to rise — by 12 percent in the last year alone.
Meanwhile a new TUC report shows workers’ real earnings down by 8 percent over the last seven years.