Survey: Pay Of British Executives Almost 200 Times Average Salary
London, England, United Kingdom (AHN) – Like bank executives, officials of FTSE 100 top companies enjoyed fat pay even while the rest of British workers continue to tighten their belts.
According to a study made by Incomes Data Services, the bonuses paid to the directors of FTSE 100 companies jumped by 34 percent, while basic pay grew by 3.6 percent. Overall, boardroom compensation went up by 55 percent.
Because of the hefty pay, the average FTSE 100 chief executive compensation is now $7.35 million (4.9 million pounds) a year, which is about 200 times the average wage.
Labor unions denounced the apparent greed of the executives while the rest of Britain copes with austerity measures imposed by the coalition government and suffer pay reductions or salary freezes.
British Business Secretary Vince Cable welcomed the report. Cable initiated a review of corporate behavior and compensation early this week. The review will study if the executive pay hike is linked to company performance.
Another survey by Incomes Data Services found out that 16 percent of British employers will still go ahead with plans to implement pay freezes.
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