Tuesday, October 31, 2006

Rich get richer: official

‘Kevin Murphy, a professor at the University of Southern California's Marshall school of business, estimates that average CEO pay at S&P 500 companies stands at $10.5m, taking account of options and bonus payments. That figure is four times what it was in 1993.

‘In the UK, Incomes Data Services reports that the average pay of a FTSE100 company boss went up by 43 per cent last year while average earnings rose only 3.7 per cent.

‘The average overall pay of top UK chief executives now stands at £2.9m - 86 times what a typical employee receives. In the US, Prof Murphy suggests that average CEO pay is an amazing 369 times as large as an ordinary worker's salary.’

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