'Fat cat' pay | FTSE 100 bosses rake in £901 an HOUR

By 5pm today, the typical FTSE 100 CEO will have already taken home the equivalent of what a typical UK worker makes in a year, a new study has revealed – The Mirror reported.

The data from the Chartered Institute of Personnel and Development (CIPD) and think-tank the High Pay Centre found that some FTSE 100 chief execs – who take home the average staff salary within three working days – raked in the equivalent of £901 an hour according to 2018 data, against the hourly wage of £14.37 for the average full-time employee.

The figures come as large publicly listed firms with more than 250 UK employees are now required to disclose the ratio between CEO pay and that of their average worker, as well as justifying the reason for the ratio.

Peter Cheese, Chief Executive at the CIPD, said that this is the first year that businesses are properly being held to account over executive pay. He said: “Pay ratio reporting will rightly increase scrutiny on pay and reward practices, but reporting the numbers is just the start.