37% of top companies cut executive pay during Coronavirus shutdown
A report has been published by The High Pay Centre
Almost two out of five leading companies have cut executive pay to reduce costs during the current shutdown but only around one in seven have slashed bonuses and long-term incentive payments, a new study suggests.
The High Pay Centre said at least 18% of FTSE 100 companies and 23% of FTSE 250 companies are intending to take advantage of the Coronavirus Job Retention Scheme, so their staff will be placed on furlough with 80% of the wage costs covered by the Government.
Some of these companies have made clear that they will top up wages to their full value, said the think tank.
Its report said that in the past five years these companies have spent a combined total of £321 million on chief executive pay, paid out £26 billion in dividends and £42 billion in profits.
Published: by Radio NewsHub