Blue-chip Bosses' Pay Rebounds to £5mn Average
Published by Campbell M Gold in Blowing in the Wind · Monday 12 Aug 2024
Blue-chip Bosses' Pay Rebounds to £5mn Average
Today, 12 Aug 2024, the Financial Times reports that the pay of the FTSE 100 chief executives has hit an average of almost £5mn after an increase of £560,000 last year. AstraZeneca boss Sir Pascal Soriot remained the best paid, with £16.9mn. Median pay rose most modestly...
The High Pay Centre confirms that median FTSE 100 CEO pay in 2023 reached £4.19m—the highest level on record, up from £4.1m in 2022. They also say that leading firms' excessive spending on top earners makes it harder for the wider UK workforce to fund pay increases.
In Contrast
As of 2024, the average annual salary for full-time employees in the UK is approximately £42,2101. For part-time workers, the average annual salary is around £15,2121. The median average salary, often a more accurate reflection of typical earnings, is about £29,6692.
The latest government data (published Jul 2024) reveals that the mean average UK weekly wage (including bonuses) across all industry sectors (in England and Wales) is £689 gross (that’s equivalent to an annual pre-tax salary of £35,828.
The median pay of the top chief executives (FTSE 100 bosses) was recently revealed to be £3.91 million in 2022, a 16% increase in a year. The figure, published by the High Pay Centre, a think tank which tracks executive pay, is 120 times more than the average earnings of UK workers.
The High Pay Centre said, "Our research shows that the median FTSE 100 CEO is now paid 120 times the median UK full-time worker, down from 124:1 in 2022 but still higher than 108:1 in 2021."
In contrast, around three million workers are on the National Living Wage of £11.44 an hour. Eligibility for the National Living Wage was extended from 23 to 21 in April 2024. The National Minimum Wage (for workers 18-20) is £8.60 per hour or £6.40 for younger workers aged 16 and 17.
The Office for National Statistics (ONS) lists the top 10 highest-paying jobs in the UK in 2023 as:
- Chief executives: £84,131
- Marketing, sales and advertising executives: £83,015
- IT directors: £80,000
- Public relations and communications directors: £79,886
- Logistics, warehousing and transport directors: £72,177
- Pilots and air traffic controllers: £71,676
- Financial managers and directors: £70,000
- Functional managers and directors: £69,933
- Specialist medical practitioners: £66,031
- Headteachers and principals: £66,014
Source:
ft.com
highpaycentre.org
ons.gov.uk
There are no reviews yet.