Today marks the day when bosses of typical FTSE 100 companies surpass the annual salary of average workers in the UK, research has revealed.
According to the Chartered Institute of Personnel and Development (CIPD) and the High Pay Centre (HPC) think tank, FTSE 100 CEOs only need to work until 5pm today (Monday 6 Jan) in order to make the same amount of money that the typical full-time employee will in the entire year.
The ‘High Pay Day 2020’ calculation shows that top bosses earn 177 times the annual pay of the average worker.
The latest available data shows that in 2018, the average FTSE 100 CEO earned £3.46 million – equivalent to £901.30 an hour. In comparison, the average full-time worker took home an annual salary of £29,559 – equivalent to £14.37 an hour.
Compared with last year, the research shows that CEOs now have to work slightly longer to make the median UK salary, after their pay fell from £3.9 million. It now takes them to teatime, rather than dinner time.