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Directors' pay rising seven times faster than average wages

Commenting on figures published today (Monday) by Incomes Data Services (IDS), which show how executive pay in FTSE 100 companies outstripped both average wages and inflation in 2012, TUC General Secretary, Frances O'Grady said:

'These figures highlight once again why we need urgent reform of boardroom pay. Top directors are showing little restraint while millions of workers are suffering real-term losses to their incomes and are really feeling the squeeze on their living standards.

'FTSE 100 directors' pay rose over seven times faster than average wages in some cases last year, with rises well above inflation.

'These bumper settlements bear little relation to performance. Allowing workers a seat on remuneration committees would help inject a much-needed dose of reality into pay-setting.'

NOTES TO EDITORS:

Average percentage rise in pay, 2012

Average worker

1.9

FTSE 100 chairman

6.0

FTSE 100 senior independent director

10.0

FTSE 100 remuneration chairman

14.0

Inflation (RPI)

2.6

Source: IDS, Office for National Statistics

Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E:
media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk

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