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Great Britain
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The UK CEOs of the FTSE 100 celebrated Fat Cat Thursday on Thursday. In the first three working days of the year, they as bosses have already earned more than a normal Brit has to work in a whole year.
Thursday, January 4, 2024, 2:00 p.m
The moment came yesterday just after noon, or more precisely just before 1 p.m. At that point, the average British CEO of a listed company had already earned £35,000 that year. That’s more than the median gross annual salary for British workers, which is 34,963 pounds (40,544 euros).
Fat Cat Day is calculated every year by the UK High Pay Centre, a think tank that fights pay inequality. With the calculation, the organization wants to draw attention to the enormous salary gap between the executive floor and the workplace. The CEOs of companies in the British stock market index FTSE 100 earn no less than 109 times as much as a normal employee. This ratio is based on the average gross wage. This is the value at which half of the wage is below and the other half is above.
3.81 million pounds per year
The British think tank finds that the gap between employees and CEOs is widening every year. The average salary of CEOs in the FTSE 100 has risen by 9.5 percent since March 2023 to a whopping £3.81 million (€4.42 million) a year, while regular employees’ pay has only increased by 6 percent.
Only during the pandemic have the salaries of FTSE 100 CEOs fallen slightly. Since then, the same top British CEOs have seen their salaries rise by around a quarter. This is no coincidence. For example, last year the British government abolished an EU regulation that capped bankers’ bonuses at 100 percent of annual salaries. This measure was introduced in 2014 to prevent another banking crisis.
Thrilling day
In our country, the pay gap between CEO and ordinary employee is also large, although not nearly as large as in Great Britain. According to PVDA calculations, Fat Cat Day or “Grabbing Day” in Belgium fell on January 9, 2023 last year, after just five and a half working days. At the time, an average Bel20 CEO earned as much as an average Belgian employee in a whole year. This means that the average salary of a Bel20 top manager last year was 51 times higher than the average annual salary in Belgium.
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