MAIL ONLINE: • City firms to pay out £4.2billion this year in bonuses • Shell making £4.4billion in three months as oil prices soar • Critics say a minority continue to be rewarded for failure
Fat cat bosses at Britain’s top 100 companies have awarded themselves pay rises of 49 per cent in the last year.
As households suffer the biggest squeeze on incomes since the 1920s, a study showed executives can now expect to earn £2.7million on average.
That is 113 times the national average of £24,000 for a worker in the private sector, where salaries have risen just 3 per cent in the last year.
The extravagant pay packages were enjoyed by every member of the boardroom, from the chief executive down to far less high-profile roles.
In fact, chief executives and finance directors – usually considered the number two at a firm – did not do as well as more junior staff.
The average chief executive saw their total payout increase by 43.5 per cent to £3,855,172, while the rise for a finance director was up 34.1 per cent to £2,001,515.
Other directors enjoyed the largest rise, as they took home 66.5 per cent more in pay and perks, to the tune of £2,260,033 on average.
The bonus element of the average executive pay packet increased by 23 per cent, from £737,624 in 2010 to £906,044.
Former Liberal Democrat Treasury spokesman Lord Oakeshott said: ‘These greedy bosses sit on each others’ remuneration committees and wave through each others’ offensive pay rises.
An average rise of 49 per cent includes vast rewards for failure while employees, shareholders and customers suffer. Read on and comment » | Rob Davies | Friday, October 28, 2011
