Your boss has earned more in 2017 already than you will all year
- Text by Paden Vaughan
The chances are you’re already feeling crap today. It’s Wednesday, the middle of the working week, which is never where you really want to be. Add to that the post-Christmas blues, the alarmingly empty bank account, and the fact it’s barely above freezing outside, who could blame us for being a little down.
But if you thought these first few days back at the office were hard for everyone, think again. Yes, it’s that time of year again when we remember just how much more than us our bosses earn. While many of us struggle to simply make ends meet, the UK’s top bosses will have already earned more than the average worker’s annual salary by lunchtime today. Happy New Year!
The latest report from the High Pay Centre, the independent think-tank that analyses pay gaps between low and high earners, estimates that the average FTSE100 CEO now earns roughly £1000 per hour, meaning only 28 hours of work is enough for them to surpass the average yearly UK salary of £28,000. And that’s an average overall: for those aged 22-29 in Britain, the average salary is more like £21,000, meaning this milestone was passed hours ago.
“There is apparently no end yet in sight to the rise and rise of FTSE100 CEO pay packages,” says Stefan Stern, Director of the High Pay Centre. “In spite of the occasional flurry from more active shareholders, boards continue to award ever larger amounts of pay to their most senior executives.”
Despite statements from Prime Minister Teresa May describing the gaps between top bosses and workers as “irrational, unhealthy and growing”, executive pay has grown exponentially in the past few years, jumping to an annual average of £5.48 million in 2015 from £4.96 million in 2014.
But rather than attempt to dampen our spirits as we head back into an even more unequal workplace, the High Pay Centre hopes that the findings can provide a much-needed wake-up call to a government that has put low earners on the back burner.
And on the upside, you’ll probably feel a little less guilty about pulling a sickie tomorrow, right?
Enjoyed this article? Like Huck on Facebook or follow us on Twitter.
You might like
An intimate window into New York’s ’70s lesbian scene
We Others — An exhibition at The Photographer’s Gallery combines Donna Gottschalk’s unearthed photographs of LGBTQ+ activists and friends, along with Hélène Gianneccini’s written histories.
Written by: Miss Rosen
The Pope has declared holy war on AI
The New Butlerian Jihad — In his first encyclical letter, Pope Leo XIV addressed the increasing pervasiveness of artificial intelligence as a threat to the already fragile structures of society. Newsletter columnist Emma Garland makes sense of it all.
Written by: Emma Garland
On the frontlines of Britain’s ’80s protest movements
Protest and Equality — Against a backdrop of Thatcherism, hospital closures and global conflict, photographer Sarah Saunders was a documentarian of the long decade’s effects on society, as well as the communities actively resisting it.
Written by: Miss Rosen
6 years on from George Floyd, how much more accessible is the outdoors for People of Colour?
Second Nature — A new report by The Mix Global highlights continued barriers that marginalised folks face when exploring nature, despite attempts at greater representation. Phil Young takes stock of how far we’ve come.
Written by: Phil Young
A stark, confronting window into the global cocaine trade
Sangre Blanca — Mads Nissen’s new book is a close-up look at various stages of the drug’s journey, from production to consumption, and the violence that follows wherever it goes.
Written by: Isaac Muk
Venice Biennale will not award artists from Israel & Russia due to war crime accusations
Art Not Genocide — Both countries will still be allowed to exhibit work at their respective pavilions, but be excluded from judging considerations, as they have leaders facing arrest warrants issued by the International Criminal Court.
Written by: Noah Petersons
