Bosses’ pay rises twelve times inflation rate

BOSSES of Britain’s 10 largest companies saw their pay packages rise by more than 12 times the rate of inflation in 2003, new research showed yesterday.

The bulk of the rises took the form of benefits other than basic salaries which rose by a more modest 3%, a survey by consultants Independent Remuneration Solutions (IRS) showed.

Salaries accounted for only 16% of total remuneration as chief executives picked up an array of rewards that included bonuses, share options and pension contributions, IRS said.