The High Pay Centre and CIPD’s ‘Fat Cat Thursday’ research published today (Thursday) is evidence that the government must do more to make the economy fair again, says the TUC.
‘Fat Cat Thursday’ is the day in 2018 on which the typical FTSE 100 chief executive has already earned the same as the average wage for a whole year.
Analysis by the High Pay Centre and CIPD finds that, while average pay for a FTSE 100 CEO has fallen, the ratio of CEO pay to the average full-time worker wage remains high, at 120:1. The TUC says that this is still far too large a gap, and more action is needed reduce it.
TUC General Secretary Frances O’Grady said: “Worker are suffering the longest pay squeeze since Napoleonic times. But fat cat bosses are still getting salaries that look like telephone numbers. The government needs a plan to make the economy fair again.
“Workers should be given seats on pay committees to bring some common sense and fairness to boardroom pay. And the minimum wage should be put up to £10 an hour as quickly as possible.”