6 lines
3.3 KiB
JSON
6 lines
3.3 KiB
JSON
{
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"title": "'Fat Cat' Friday: UK bosses earn average worker's salary in just three days",
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"image": "https://image.silvrtree.co.uk/640,fit,q80/https://static.euronews.com/articles/stories/03/55/91/28/1000x563_cmsv2_d217a269-5c35-54c4-83e4-21f133b6b4eb-3559128.jpg",
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"html": "<p>The year has barely started but the UK's top executives have already made more money than the typical British worker will earn in the next twelve months, <a href=\"http://highpaycentre.org/blog/its-fatcat-friday-ceo-pay-for-2019-surpasses-the-amount-the-average-uk-work\">figures released on Friday</a> have revealed.</p><p>According to the High Pay Centre and the Chartered Institute of Personnel and Development (CIPD), the CEOs of Britain's leading 100 companies make an average of £1,020 per hour (€1,133). Their mean yearly pay package hovers just around £3.9 million (€4.3 million).</p><div class=\"clear\"></div><p>By their calculations, the average FTSE 100 CEO will have matched the typical worker's annual salary of just over £29,500 (€32,770) by early afternoon on January 4. The two bodies have dubbed the date "Fat Cat" Friday.</p><div class=\"clear\"></div><h2>'Corporate governance failure'</h2><p>The report highlights that pay levels have skyrocketed from around 60 times the average UK full-time salary at the turn of the millennium to about 133 times today.</p><p>It also argues that companies' performances do not justify the pay rise.</p><p>"Excessive executive pay represents a massive corporate governance failure and is a barrier to a fairer economy," Luke Hildyard, director of the High Pay Centre, said.</p><p>"Corporate boards are too willing to spend millions on top executives without any real justification, while the wider workforce is treated as a cost to be minimised," he added.</p><p>Charles Cotton, Senior Advisor at the CIPD, said the disparity can hurt companies' reputations.</p><p>"Overly generous executive pay awards are one of the major factors responsible for low levels of trust in business — particularly when pay has been stagnating across the wider workforce — and therefore represent a grave threat to businesses' ability to thrive in the long term," he explained.</p><h2>'Cod statistics'?</h2><p>The Trade Union Congress, a federation of British trade unions, expressed outrage at the findings and called for "radical change."</p><amp-twitter width=\"390\" height=\"330\" layout=\"responsive\" data-tweetid=\"1081094982470172672\" data-conversation=\"none\" data-cards=\"hidden\"> </amp-twitter><p>But Matthew Lesh, Head of Research at the Adam Smith Institute, a free-market think tank, described the figures as "cod statistics."</p><p>"In a global market for CEOs, British firms must be able to compete for top CEOs who provide immense value to companies.</p><p>"Limits on executive pay would drive top British talent and companies offshore, ultimately leading to fewer jobs and lower pay for workers," he added.</p><amp-twitter width=\"390\" height=\"330\" layout=\"responsive\" data-tweetid=\"1081173633924509696\" data-conversation=\"none\" data-cards=\"hidden\"> </amp-twitter><div class=\"clear\"></div><div class=\"endbumper\"></div>"
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}
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