FTSE 100 chief executives enjoy median pay of £4.22 million, which is 113 times the median full-time worker’s pay of £37,430, according to the High Pay Centre, a campaign group.
This means these top bosses only had to work three days to make the same sum as their employees – with noon today marginally quicker than last year’s milestone of 1pm.
READ MORE: John Swinney sparks anger at Holyrood with ‘populist’ Budget warning
The High Pay Centre made the calculations via recent pay disclosures in annual reports and government statistics. The group said the study highlight the huge disparity in pay for bosses and their staff, a gap that has grown larger in recent decades.
Luke Hildyard, director of the High Pay Centre, said: “A feeling that the economy works for the enrichment of a tiny elite at the expense of wider society is an underrated cause of populist anger and support for extremist politics. Policymakers who fail to address this inequality are storing up some big problems for the future.
“Reforms introduced by the new government enabling trade unions to reach more workers should help ordinary employees win a fairer share of income that is currently captured by super-rich executives and investors.
“Bolder measures like representation for elected worker directors on company boards and caps on executive pay would do more to ensure that the wealth generated by the UK economy is shared across the country in a way that’s sensible, sustainable and proportionate.”
Paul Nowak, general secretary of the Trades Union Congress, a union group, said: “Every working person plays a part in producing Britain’s wealth. But while millions of low-paid workers are still feeling the effects of the cost of living crisis, people at the top are taking more than their fair share.”