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Wage gap between bosses and workers widens, paper reports

Bonuses and pension payments helped CEOs' incomes rise to 48 times that of regular employees.

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Bonuses and pensions almost double a CEO's earnings to an average of 2.1 million euros per year. Image: Jyrki Lyytikkä / Yle

The CEOs of large companies in Finland earned approximately 48 times the salary of a regular employee last year, according to a report by Finland's biggest daily newspaper Helsingin Sanomat. In 2010, the difference was 37 times.

The wedge has been widened by the awarding of larger bonuses to bosses, but increases in CEO salaries have also been a contributing factor.

According to the HS survey, CEOs' fixed basic salaries have risen by 20 percent since 2010. During the same period, the average salary of an ordinary employee increased by 14 percent.

Since 2005, Helsingin Sanomat has been monitoring the remuneration (basic salary plus bonuses) received by the CEOs of about 40 major companies. In 2010, the report also began to include share-based bonuses and supplementary pension payments.

According to the survey, companies have slowly shifted the focus of remuneration towards equity bonuses. Stock bonuses and retirement payments almost doubled the CEO's earnings to an average of 2.1 million euros per year.

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