Socialist Worker

No retirement panic for bosses

Issue No. 2169

New figures on pensions and pay show that Britain’s top bosses are not sharing the pain of the recession. Ordinary people have seen a swathe of attacks on their pay and pensions.

Despite the collapse of the economy, directors of top companies saw their pension payouts increase by 23 percent to almost £250,000 a year, according to a TUC survey.

The 373 directors will now enjoy retirement incomes 30 times those of the average worker, up from 25 times the year before. Some of the directors will receive more than £1 million a year.

Bob Catell, a US-based director of National Grid, has the biggest pension pot in the FTSE 100 with £20.4 million. Stephen Green, the chairman of HSBC, has £17.7 million.

A TUC report has also shown that two thirds of workers in the private sector do not have pensions.

Directors of the FTSE 100 companies also saw their pay rise by 10 percent last year, taking home more than £1 billion between them last year, according to a Guardian newspaper survey.

The ten most highly paid executives grabbed £170 million, up from £140 million in 2007. The highest paid boss was Bart Becht, the chief executive of Reckitt Benckiser, who received £36.8 million in pay, bonuses, perks and share incentive schemes.


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News
Tue 15 Sep 2009, 19:34 BST
Issue No. 2169
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