According to the High Pay Centre, today has been renamed as Fat Cat Wednesday, as top bosses will pass the average wage of £28,200 by midday today, as Stefan Stern, High Pay Centre director put out a reminder of the unfair pay gap in the UK.
Figures have revealed that chief executive based at FTSE100 company was nearly £4 million two years ago, or £1,000 per hour, in comparison to the national living wage which is £7.20.
Commenting, Mr Stern said: "We hope the government will recognise that further reform to pay practices are needed if this gap is to be closed.”
Adding: "Effective representation for ordinary workers on the company remuneration committees that set executive pay, and publication of the pay ratio between the highest and average earner within a company, would bring a greater sense of proportion to the setting of top pay."
Looking to make it a priority, the Prime Minister wants to tackle corporate excess and will be looking into forcing businesses to present pay ratios, showing the gap in earnings between the average employee and the chief executive.
Shadow business secretary, Clive Lewis, commented: ‘It is an outrage that, before Christmas trees have even been taken down, chief executives have already earned more in 2017 than most people will earn all year.
‘But despite promising action, the Tories have watered down their promise to give shareholders binding votes on executive pay. Under this Government, these grossly unfair pay patterns look set to continue.’
