While senior managers’ pay fell during the first part of the pandemic, new figures show they will have made more money than the average worker does in a year by 9am this morning.
By 9am today FTSE 100 chief executives will have made more money in 2022 than the average UK worker will earn in the entire year, according to the High Pay Centre.
The average CEO’s pay fell 17% in the 2020 financial year as many bosses took a temporary cut at the start of the pandemic and first national lockdown and many of their bonuses were cancelled.
But the fact that CEOs still earn about 86 times the average UK salary has led to repeated calls for firms to be forced to appoint a frontline worker to their executive pay committee.
Meanwhile, HM Revenue & Customs has effectively pushed back the annual tax return deadline to the end of February after saying fines for late filing this year would be waived for 30 days. The decision comes as almost half of self-assessment taxpayers are yet to hand in their paperwork ahead of the January 31st deadline.
Additional penalties for late payment, which normally apply a month after the January 31st deadline, will also be waived for a month, HMRC said.
Accountants had warned of widespread staff shortages caused by the spread of the Omicron variant of the coronavirus which were making it impossible for professionals to meet the cut-off date.
And new data from the Office for National Statistics (ONS) showed 21% of working adults in the UK said they had worked exclusively from home, when surveyed over the period from December 15th to January 3rd – an increase from 14% in the previous reporting period.