Pay of the UK’s top executives has risen 11 percent over the course of the last year, according to a recent survey.
Overall, Britain’s top chief executives received an 11 per cent increase in remuneration last year, with median salary rising to £3.93 million.
The survey reviewed average salaries of FTSE 100 bosses, including base salary and bonuses.
Despite the increase, pay of average full-time workers in the UK rose by a mere 2.5 percent across the same period.
In particular, Large payouts to bosses from Persimmon and Melrose Industries swayed the mean pay figures.
The highest paid boss for the financial year was Persimmon CEO Jeff Fairburn, who received £47.1 million pounds.
The gap between executive and employee pay has widened considerably in recent years, as wage levels continue to stagnate despite rising levels of inflation.
In fact, Wednesday’s ONS figures revealed that inflation rose to 2.5 percent in July, placing further pressure on everyday workers.
The figures comes amid a crackdown by the government on “excessive” executive pay.
In an article for the Mail on Sunday, The Prime Minister denounced “excesses” of business bosses, which was “damaging the social fabric of our country”.
The study was collated by the Chartered Institute of Personnel and Development (CIPD) and the High Pay Centre thinktank.
Peter Cheese, chief executive of the CIPD, said: “Despite increased investor activism and the planned introduction of pay ratio reporting, the evidence suggests that very little is changing when it comes to top pay in the UK.
“It’s disappointing to see that CEO pay has held up in the face of increasing pressure when average pay across the workforce has barely shifted in recent years.
“Given the ongoing issues of trust in big businesses and a push for greater transparency, it really is time businesses and boards put greater scrutiny on high pay, and that they think much more objectively about what they are rewarding CEOs and how.”
