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Directors of leading companies have seen their total earnings increase by a fifth over the last year, according to a new report.
A study of the pay of directors of FTSE 100 firms showed that the rise was driven by a 44% increase in long-term incentive share awards and a 12% boost in bonuses.
Incomes Data Services (IDS) said its research revealed that the median total earnings for a FTSE 100 director was £2.4 million, rising to £3.3 million for chief executives.
The median bonus for chief executives was more than £1 million and almost £2 million for long-term incentive plans.
Earnings for chief executives were highest in media, marketing and telecommunications and lowest in retail and distribution.
Steve Tatton, editor of the IDS report, said: FTSE 100 directors have seen their total earnings jump sharply in the last year, fuelled by a rise in the value of share-based awards.
Bonus payments have also recovered strongly following a downturn last year.
The pattern of pay growth highlights the complex make-up of directors remuneration.
Salary rises may be modest but this can be more than made up for by the receipt of incentive payments.
When such incentives pay out, they can pay out substantial sums, giving a significant boost to directors earnings.
TUC general secretary Frances O Grady said: Now we know who is benefiting from the recovery, for as sure as anything it is not the great majority of workers who continue to face cuts in their living standards.
Every year people ask if this soaraway boardroom greed can continue. It seems that it can.
No wonder workers across the health service are taking strike action today as they and thousands of others get ready for the TUC s Britain Needs a Pay Rise demonstration next Saturday.
We can confidently look forward to ministers condemning NHS staff even while they reward these top directors with tax breaks. No wonder so many feel that the government is out of touch with real lives.
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