Top executives in the UK saw their pay and perks increase by nearly 18% last year, significantly outpacing the average worker’s earnings. According to Deloitte analysis of 55 FTSE 100 companies, the typical chief executive earned £5.9m, with their salaries increasing around 4.5 times faster than the average UK worker. The analysis shows that 26 out of the 55 companies are seeking shareholder approval for new executive pay policies. Of the 16 proposing significant increases, the average proposed pay hike is 200%. Mitul Shah, partner in Deloitte’s executive remuneration and reward practice, said: “We continue to see a significant number of companies propose substantial changes to variable pay opportunities.” Andrew Speke, of think-tank the High Pay Centre, said: “In the context of a worsening cost of living crisis, these new figures are likely to increase existing discontent over pay inequality and excessive executive pay.”
