Today, we are launching a petition to call on the Government to introduce mandatory pay ratio reporting in the private sector. The private sector is where we have the largest pay gaps. Too many of our larger companies are paying excessive salaries at the top and poverty pay at the bottom. Currently, FTSE 100 CEOs are taking home around 190 times what the average UK worker makes and nearly 400 times what the lowest paid receive.
The Equality Trust welcomes initiatives to reduce inequality, so we were interested to see that a new international wage standard has been developed to encourage organisations to commit to fairer wage ratios.
The Wagemark Standard requires organisations to commit to a wage ratio between the highest-paid employee and lowest-paid decile ofworkers that does not exceed 8:1.
A worker earning the updated national Living Wage, would need to work for 311 years to earn a single year’s pay for a FTSE 100 CEO, according to new analysis by The Equality Trust.
Workers paid tomorrow’s raised National Minimum Wage (NMW) would have to work until September 2nd 2357 to earn the average annual pay of FTSE 100 CEOs, research conducted by The Equality Trust has revealed. While the NMW has increased by 81% since its introduction, average remuneration for these CEOs has increased by 243%.
The Equality Trust research also found that: