Directors’ pay rises as recovery gathers steam

Tim Wallace
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THE ECONOMIC recovery is feeding through to directors’ pay, as top bosses bounce back from the crisis with rising share awards, according to figures out today from Income Data Services (IDS).

Other workers in the City are also feeling the revival – with recruiters Morgan McKinley seeing the number of financial services staff looking for a new job more than double in the past year.

Total median earnings rose 14 per cent in the past year for FTSE 100 directors, IDS found, driven by a 58 per cent jump in share awards.

Performance indicators including share prices and profit levels typically trigger the long-term incentive payouts.

However other parts of pay packets fell – bonuses dropped 8.8 per cent, while the median director’s salary rose 4.4 per cent.

Meanwhile the number of City jobseekers jumped 110 per cent in the year to October, Morgan McKinley figures showed.

The 9,326 finance workers registered with the recruiter is also up 32 per cent in just one month.

However vacancy numbers dipped 1.7 per cent to 7,245 in the month.

“Despite the fact that vacancy levels have dipped slightly since September 2013, job numbers largely remain on an upward trajectory with levels still sitting above those recorded in the second quarter,” said Morgan McKinley’s Hakan Enver. “The notable rise in active jobseekers may be explained by greater confidence in the market generally.”