Managers of the FTSE 100, an index that includes the hundred largest companies listed on the London Stock Exchange, on Thursday, January 5, after three working days in 2023, will earn the equivalent of the average annual salary in the United Kingdom, according to the study.
They needed 30 hours of work, nine hours less than in 2022, to earn that amount, says the study by the High Pay Center think tank, at a time when the UK is facing a serious cost of living crisis.
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For their part, the “chief city lawyers” – the powerful British financial center – “will have to wait until next week to see how (their income from the beginning of 2023) exceeds the average salary, while the senior bankers will have to wait until January 20 “.
The average salary of FTSE 100 CEOs is currently £3.41m ($4.05m), 103 times the average full-time salary of £33,000 per year, or about $39,000.
Senior manager salaries have increased by 39% in a year, while average wages in the UK have increased by 6% over the same period and inflation has risen to nearly 11%.
The negative base rate remains stable, and will remain at 6.35% until January 11th
The High Pay Center calculations are based on information published by FTSE 100 companies on executive salaries and UK government wage statistics.
The Center for Higher Wages commented: “These figures show higher wages rising after a post-pandemic recovery, having fallen during lockdowns.”
Its director, Luke Hildyard, said, “At the worst time in most people’s memory, it’s hard to believe that a handful of high-earners made such sums.”
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