The High Pay Centre and CIPD’s ‘Fat Cat Thursday’ research published today (Thursday) is evidence that the government must do more to make the economy fair again, says the TUC. The day will bring no cheer to workers in Dorset.
‘Fat Cat Thursday’ is the day in 2018 on which the typical FTSE 100 chief executive has already earned the same as the average wage for a whole year.
Analysis by the High Pay Centre and CIPD finds that, while average pay for a FTSE 100 CEO has fallen, the ratio of CEO pay to the average full-time worker wage remains high, at 120:1. In Dorset the average pay is more than £3,000 less than the UK average. The South West TUC says that this is far too large a gap and more action is needed to reduce it.
South West TUC Regional Secretary Nigel Costley said: “Workers are suffering the longest pay squeeze since Napoleonic times. One out of seven are skipping meals to make ends meet. But fat cat bosses are still getting salaries that look like telephone numbers. The government needs a plan to make the economy fair again.
“Workers should be given seats on pay committees to bring some common sense and fairness to boardroom pay. And the minimum wage should be put up to £10 an hour as quickly as possible.”
Average Median Pay UK £21,876 Dorset £20,002 source: ONS ASHE data
The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together more than 5.5 million working people who make up our 49 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.