That’s a convoluted way of saying “the c-suite is paid ~120x the median (per the article) UK annual wage”
This is the best summary I could come up with:
The bosses of Britain’s biggest companies will have made more money in 2024 by Thursday lunchtime than the average UK worker will earn in the entire year, according to analysis of vast pay gaps amid strike action and the cost of living crisis.
Paul Nowak, the general secretary of the TUC, the umbrella body for UK trade unions, said: “While working people have been forced to suffer the longest wage squeeze in modern history, City bosses have been allowed to pocket bumper rises and bankers have been given unlimited bonuses.”
Some City figures have called for UK CEOs to be given big uplifts in pay in order to compete with the amounts paid to the bosses of US firms.
The High Pay Centre also calculated how long it would take for other top earners to surpass the median UK worker’s full-time earnings:
Last year the government scrapped an EU rule capping the bonuses of bankers at 100% of salary, a measure that had been introduced in 2014 with the aim of avoiding another banking crisis.
Luke Hildyard, the director of the High Pay Centre, said: “Lobbyists for big business and the financial services industry spent much of 2023 arguing that top earners in Britain aren’t paid enough and that we are too concerned with gaps between the super-rich and everybody else.
The original article contains 544 words, the summary contains 221 words. Saved 59%. I’m a bot and I’m open source!
They’ve gotta pump those numbers up if they ever want to be billionaires.
