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Managers' pay rose by 5.2 per cent in the year to January 2003, while UK directors' earnings increased by 9.8 per cent.
A survey of 449 organisations, by the Chartered Management Institute and Remuneration Economics, shows the average total earnings for UK managers now stands at £41,369, while the average for directors is £164,047.
Bonus payments made up 28.8 per cent of directors' total earnings and 9.7 per cent for managers, whose bonus payments have remained broadly the same since 1998. The average director's bonus has doubled since 1999.
HR managers experienced the biggest pay rise of 7.3 per cent, but managers working in the financial sector remain the best paid, with average earnings of £46,473. www.managers.org.uk
