The High Pay Centre and CIPD’s ‘Fat Cat Friday’ research published today (Friday) is evidence that the government must redesign the economy to make it fair again, says the TUC.
‘Fat Cat Friday’ is the day in 2019 on which the typical FTSE 100 chief executive has already earned the same as the average wage for a whole year.
TUC General Secretary Frances O’Grady said:
“There are millions of hardworking people in Britain – from shop floors to public services – who give more than they get back. But greedy executives are taking more than they’ve earned.
“We need to redesign the economy to make it fair again. And that means big reforms to bring fat cat pay back down to earth.
“Executive pay committees have to change. They should be required to include workforce representatives who can speak up for a fair balance of pay with ordinary workers. Too much wealth is being hoarded at the top.”