May 2022

This report on pay ratios within FTSE 350 companies finds pay ratios fell during the pandemic, which company bosses taking home lower salaries. However, early indications show this trend will not continue, analysis of recent annual reports shows in increase in pay ratios. In brief, it found:

  • The median CEO/median employee pay ratio across the FTSE 350 was 44:1 in 2020/2021, down from 53:1 in 2019/2020. 2020/21 also saw a decrease in the median CEO/lower quartile employee pay ratio for the FTSE 350, at 59:1 compared to 71:1 the previous year.
  • In the FTSE 100, the median CEO/median employee ratio was 67:1 and the median CEO/lower quartile employee ratio was 93:1 (73:1 and 109:1 in 2019/20)
  • 27 Companies (13% of the total) had a CEO/median employee pay ratio of over 100:1, compared to 45 in 2020.
  • Pay gaps are set to rebound post pandemic, with the 69 companies to have reported in the first quarter of 2022 showing a median pay ratio of 63:1, almost double the 34:1 median ratio at these companies in 2021.

Download the report

Download the summary