The gap between the pay of company executives and other workers will widen again this year after falling during the pandemic, according to the High Pay Centre.
Cuts in executive pay between 2020 and 2022 led to a narrowing of pay between executives in FTSE 350 firms and employees. However, the think tank said that recent data indicate that pay gaps will widen again this year. A report based on its analysis found pay ratios were widest in the retail industry and lowest in media and financial services.
High Pay Centre director Luke Hildyard said: “Our report indicates that companies and their stakeholders showed some sensitivity to the need to treat workers fairly and reduce vast pay inequalities during the pandemic. However, as the Covid-19 emergency hopefully reduces, it would be a shame if the spirit of solidarity it generated fades away as well.
