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Fat cat pay rises 23% and average earnings 3.2%

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Boardroom wages have risen seven times faster than average earnings, according to a recent survey by the Guardian.

Executive directors at the UK’s top 100 companies received an average pay increase of 23%, yet average earnings rose by just 3.2%, the research showed.

The average pay for FTSE-100 chief executives is now £1,677,685. A total of 190 executive directors earned more than £1 million last year, compared to 136 the year before -despite the fact that the value of these companies has dropped by 50% in three years.

Brian Gilbertson, former Chief Executive of mining company BHP Billiton was the highest paid boss in the survey – taking home £9.1 million and a farewell deal worth £16 million.

Helen Weir, Finance Director of the Kingfisher group, was the only female to earn more than £1 million. She was paid a £340,000 relocation allowance to move 40 miles closer to her office.

The survey also found that in 10 cases top executives were paid more than £1 million after resigning while five directors were paid £500,000 just to accept a job. Eight directors were found to hold pensions worth more than £10 million.

Kevin Curran, General Secretary of the GMB, Britain’s General Union, slammed the ‘sickening greed’ of Britain’s bosses saying “Fat cat directors seem incapable of self-restraint when it comes to their own pay. The Government should do it for them and force bosses to accept the same pay rises that they give their workers.”

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