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Fatcat bosses’ salaries soar at twice the rate for minimum wage workers

Today’s lowest pay rate would be £12.74 an hour – £26,000 a year – if it had kept pace with pay increases of chief executives in Britain’s top 100 companies


Fatcat bosses’ salaries have soared at twice the rate for workers on the minimum wage.

Today’s lowest pay rate would be £12.74 an hour – £26,000 a year – if it had kept pace with pay increases of chief executives in Britain’s top 100 companies.

That would mean an extra £11,835 a year for workers aged 25 or older on 40 hours per week.

The startling difference has been revealed by the union GMB ahead of Thursday’s “Fatcat Day”.

Bosses’ pay has nearly quadrupled from £1.23million to £4.35million since the national minimum wage was introduced 20 years ago (Image: Getty)
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That is when the average boss in the Stock Exchange’s FTSE 100 firms will have already earned what the average UK worker gets in a year.

Bosses’ pay has nearly quadrupled from £1.23million to £4.35million since the
national minimum wage was introduced 20 years ago.

But the minimum has barely doubled – rising from £3.60 an hour to just £7.50.

GMB general secretary Tim Roache said: “The minimum wage was a hugely important step for working people and its anniversary should be a celebration.

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“But this 20th birthday risks being marred by the growing pay gap between workers and company bosses.

"As our investigation shows, the rich have pulled right ahead from the rest, to an extent that is sickening.

“GMB supports a national minimum wage of at least £10 an hour. It would bring significant returns as money circulates through the economy.”

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