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Britain's top bosses earn '143 times more' than staff, study shows

Published on Aug 19, 2014 12:27 AM
 
Martin Sorrell, pictured here in 2007 and who heads up marketing giant WPP, took home a pay package nearly 800 times bigger than his employees of £29.8 million (S$62 million), the study found. -- PHOTO: BUSINESS TIMES FILE

LONDON (AFP) - The heads of Britain's largest companies earned 143 times as much as their average employee last year, a study said on Monday, exposing the growing pay gap between bosses and workers.

The wage divide has nearly tripled since 1998, when the average chief executive of firms in the FTSE 100 earnt 47 times as much as staff, the report found.

The British government has brought in laws to curb executive pay and bonuses since the financial crisis, but a severe squeeze on wage growth has fuelled public anger about highly-paid senior executives.

"When bosses make hundreds of times as much money as the rest of the workforce, it creates a deep sense of unfairness," said Deborah Hargreaves, director of the High Pay Centre think-tank, which wrote the report.

 
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