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17/12/2001
Executives prosper as pay rises decline
A new survey has suggested that pay rises are in decline as many companies feel the affects of the economic downturn.
Research from the Confederation of British Industry (CBI) has revealed that one in six service sector companies and one in ten manufacturing firms have frozen pay completely, with the situation expected to worsen, especially in the service sector which has so far not felt the full effect of the recession afflicting the manufacturing industry.
However, executive directors of FTSE 100 firms can expect to see their salaries rise year on year, according to a survey by financial watchdog Pension Investment Research Consultants (PIRC). The increase in directors’ basic pay has outstripped the UK average wage increase – 4.4 per cent – and when cash bonuses and share options are factored in, the figure can amount to twice their basic salary.
“This creates a major challenge for shareholders to act to curb excess,” commented Stuart Bell, Research Director of PIRC, who warned that the situation could create “a powerful multiplier effect which has the potential to create a boardroom pay explosion in coming years.” (CL)
Research from the Confederation of British Industry (CBI) has revealed that one in six service sector companies and one in ten manufacturing firms have frozen pay completely, with the situation expected to worsen, especially in the service sector which has so far not felt the full effect of the recession afflicting the manufacturing industry.
However, executive directors of FTSE 100 firms can expect to see their salaries rise year on year, according to a survey by financial watchdog Pension Investment Research Consultants (PIRC). The increase in directors’ basic pay has outstripped the UK average wage increase – 4.4 per cent – and when cash bonuses and share options are factored in, the figure can amount to twice their basic salary.
“This creates a major challenge for shareholders to act to curb excess,” commented Stuart Bell, Research Director of PIRC, who warned that the situation could create “a powerful multiplier effect which has the potential to create a boardroom pay explosion in coming years.” (CL)
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