The pandemic must be a turning point for fair pay, says TUC
7 Jan 2022 10:56 AM
The High Pay Centre’s CEO pay research published today (Friday) is evidence that the government must redesign the economy to make it fair again, says the TUC.
Research from the High Pay Centre thinktank suggests the median FTSE 100 CEO's earnings for 2022 will surpass the median annual wage for a full-time worker in the UK by around 09:00am today.
Responding to the research, TUC General Secretary Frances O’Grady said:
“The pandemic has shown us all who keeps the country going during a crisis. There are millions of hardworking people in Britain – from carers, to delivery drivers, to shop floor staff – who give more than they get back. But greedy executives are taking home millions while ordinary workers face yet another year of pay squeezes.
“As we emerge from the pandemic, we need to redesign the economy to make it fair. And that means big reforms to bring CEO pay back down to earth.
“Executive pay committees have to change. They should be required to include workforce representatives who can speak up for a fair balance of pay with ordinary workers. And incentive schemes for company directors should be replaced by profit share schemes that include the whole workforce. Too much wealth is being hoarded at the top.”