If you earn an average UK salary, by the end of today a top boss will have earned more than you do all year. In fact, it takes a top chief executive just three days to earn £28,758.
The day has been declared “Fat Cat Thursday” by think tank the High Pay Centre and HR industry body the CIPD, which calculated the figure.
The gap between executive pay and the rest of the workforce remains huge despite top bosses’ pay dropping by a fifth last year.
The average boss of one of the UK’s largest 100 listed firms earned £4.5m last year, down from £5.4m the year before.
Nonetheless, an average chief executive still earns 120 times more than the average full-time worker, according to the High Pay Centre.
Its calculation assumes that the executives work 12 hours a day, most weekends and take just 19 days holiday a year.
At this rate, it means bosses only need to work 32 hours – taking them to Thursday, assuming they started work on 2 January – to reach the median full-time employee salary.
The think tank has made the calculation for the past four years, and High Pay Centre director Stefan Stern said its figures showed there were still “unjustifiable [pay] gaps between the top and the rest of the workforce”.