FTSE 100 chief executives’ pay soared by an average of 23% this year at a time when workers are seeing real terms pay cuts (and now seeing falling house prices too).
The jump in average pay, to close to £4m, was driven by record bonus payouts – as CEO’s achieved the lower pessimistic targets set during the pandemic.
The Financial Times has the story, and explains:
Many companies bounced back strongly as Covid-19 lockdowns ended, leading to an average CEO bonus of 86 per cent of the maximum available, up from 58 per cent last year and against a long-term average of 70 to 75 per cent, according to PwC.
The higher bonuses took overall average pay up from pre-pandemic levels of £3.6mn in 2018-19 and £3.7mn for 2017-18.
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