If you’re feeling the back-to-work blues this week, look away now, because it’s about to get much worse. Today is “Fat Cat Wednesday”, the day by which a FTSE 100 CEO “earns” the average annual salary of a UK worker. According to analysis by the High Pay Centre, in less than a week, these bosses have already pocketed more than the average worker makes in a year: £28,200.

It is a reminder of the huge gaps in wealth, income, and power we see in the UK today, but it is also a reminder of the perverse way in which business has come to value people. Recent analysis by The Equality Trust found a FTSE 100 CEO now receives 172 times more than a nurse earns, 145 times more than a teacher, 324 times more than a care worker, and a staggering 401 times more than a minimum wage worker receives in a year.

While the pay of a gilded “elite” disappears into the stratosphere, those who care for us, protect us, and teach our children, are left struggling to get by. This isn’t simply a moral matter; pay inequality drives wider inequality, and as a broad body of research proves, this harms our society and economy in numerous ways.

The UK is now one of the most unequal countries outside the developing world. And countries with high levels of inequality also have higher levels of mental and physical ill health, violent crime, teenage pregnancies, poorer education and lower levels of trust in each other.

The 19 countries with the highest standard of life Show all 19 1 / 19 The 19 countries with the highest standard of life The 19 countries with the highest standard of life 19. United States — 84.62 The US scraping into the top 20 may surprise some, and the report does call it a "disappointment," saying the country's huge economy does not translate into social progress for many of its citizens The 19 countries with the highest standard of life 18. France — 84.79 For many France is a liberal bastion, but it scored low on "tolerance and inclusion" in the report, while a poor score in "opportunity" keeps it further down the list than it perhaps should be iStock The 19 countries with the highest standard of life 17. Spain — 85.88 One of the most popular holiday destinations in Europe, Spain has a strong welfare system and work life balance, but high youth unemployment has hurt the standard of life for many of its citizens iStock The 19 countries with the highest standard of life 16. Belgium — 86.19 The HQ of the European Union scores highly on social progress and demonstrates that sometimes being a smaller country makes it easier to look after all your inhabitants Getty Images The 19 countries with the highest standard of life 15. Germany — 86.42 Another country which might be a bit lower down than some people would expect, Germany scores highly for inclusiveness after taking in more than a million refugees over the past few months, but some wonder if the infrastructure can handle GETTY The 19 countries with the highest standard of life 14. Japan — 86.54 The 'Land of the Rising Sun' has made great strides in social progress in the last decade, particularly in women entering the workforce. It still has a very small immigrant population, though, and suicide rates for under-30s remain high Getty Images The 19 countries with the highest standard of life 13. Austria — 86.60 Vienna is a cultural capital of Europe and Austrian ski slopes attract people from all over the world. Having the 14th biggest economy in the world, according to the IMF, does not hurt standard of living either AFP/Getty Images The 19 countries with the highest standard of life 12. Ireland — 87.94 Brits scrambling for Irish passports in the wake of the vote for a Brexit may be pleased to discover it scores very high on meeting "basic human needs," and the potential investment of companies moving from the UK will only make things better AFP/Getty The 19 countries with the highest standard of life T-10. New Zealand — 88.45 New Zealand's tourist board calls it "the youngest country in the world," and it is certainly one of the most beautiful. "Opportunity" is where it scores really high, as a low population means jobs are in abundance Getty Images The 19 countries with the highest standard of life T-10. Iceland — 88.45 Speaking of beautiful countries, Iceland scores very well in social progress, particularly in the "basic human needs" index and GDP per capita. Its football team has proven itself a force to be reckoned with too Getty The 19 countries with the highest standard of life 9. United Kingdom — 88.58 The NHS is big part of the UK's high placing, with "basic medical care" scoring almost 100% on the report. Education scores almost as highly, with free access to quality schools AFP The 19 countries with the highest standard of life 8. Netherlands — 88.65 The Netherlands is famously one of the most tolerant countries in the world, so its position in the top ten should be no surprise. It is one of the highest-scoring countries on "personal freedom and choice" iStock The 19 countries with the highest standard of life 7. Norway — 88.70 Get used to seeing Scandinavian nations in the top ten. Norway is big on "nutrition and basic medical care," and its "access to basic knowledge" is strong too. Many have said the Norway model is one to follow for a non-EU UK The 19 countries with the highest standard of life 6. Sweden — 88.80 "Water and sanitation" may be taken for granted in developed economies, but it is not enjoyed everywhere. Luckily it is an area Sweden nails, scoring 99.77. The country also picks up high scores in "nutrition" and "personal rights" The 19 countries with the highest standard of life 5. Switzerland — 88.87 Switzerland may have some of the most expensive cities in the world to live in, but its citizens get value for money. According to the Social Progress Report, "medical", "nutritional" and "access to basic knowledge" is where the country shines The 19 countries with the highest standard of life 4. Australia — 89.13 There is a good reason so many people want to start a new life "down under." Austrailia has fantastic education, job opportunities and a strong sense of personal freedom. Its "tolerance and inclusion" score could be higher though iStock The 19 countries with the highest standard of life 3. Denmark — 89.39 Denmark has one of the best social mobility and income equality rates in the world, so no surprise it makes it into the top three on this list. "Basic human needs" is where the country scores particularly highly, though its "health and wellness" stats such as life expectancy could be higher AFP/Getty Images The 19 countries with the highest standard of life 2. Canada — 89.49 For such a huge nation, Canada only has 35 million citizens, and they are some of the best looked after in the world. Canada's healthcare is what stands it above the rest. Education and opportunity in the country are also impressively strong Getty Images The 19 countries with the highest standard of life 1. Finland — 90.09 Everyone says Nordic nations have the highest standard of living, and now Finland has made it official. It scores highly on almost every index on the report, from basic needs, foundations of wellbeing and personal freedoms. If you move there just make sure to bring warm coat — temperatures can reach minus 50 celsius​ in the winter! Getty Images

This isn't just a concern for citizens either; it is increasingly an issue for businesses. Polling by the CIPD found 71 per cent of employees said bosses’ pay is too high and 59 per cent felt directly demotivated by it. Meanwhile, more than half of the membership of the Institute of Directors identified “anger over senior levels of executive pay” as a threat to public trust in business.

The apologists for runaway executive pay will tell you it’s simply a result of functioning markets – that some have exceptional skills that are greatly valued. However, this falls down with even the slightest analysis. Pay is set by opaque remuneration committees consisting of the peers of those whose pay they are setting. The entire process of executive recruitment is similarly cosy, with positions headhunted from a tiny pool of possible candidates. More oligopoly, less functioning market.

Others argue CEOs are simply “worth it”, but a recent study from the Lancaster University Management School found the link between executive pay and good performance “negligible”.

The good news is that some enlightened CEOs are taking tentative steps to address high executive pay, with a number of high profile organisations and companies supporting the compulsory publication of pay ratios. Others have gone even further, with the Head of Grant Thornton, Sacha Romanovitch, capping her pay, and the new Head of the Co-op Group, Richard Pennycock, even asking for a pay cut. This is a positive start, and shows what can be done.

The 13 highest-paying jobs with less than 40 hours per week Show all 13 1 / 13 The 13 highest-paying jobs with less than 40 hours per week The 13 highest-paying jobs with less than 40 hours per week 13. Postal service clerks Average hours typically worked a week: 39.32 Median earned income: $51,000 What they do: Perform any combination of tasks in a post office like receive letters and parcels; sell postage and revenue stamps, postal cards, and stamped envelopes; fill out and sell money orders; place mail in pigeon holes of mail racks or in bags; and examine mail for correct postage. Getty The 13 highest-paying jobs with less than 40 hours per week 12. Speech-language pathologists Average hours typically worked a week: 36.17 Median earned income: $54,000 What they do: Assess and treat persons with speech, language, voice, and fluency disorders. The 13 highest-paying jobs with less than 40 hours per week 11. Registered nurses Average hours typically worked a week: 37.59 Median earned income: $56,000 What they do: Assess patient health problems and needs, develop and implement nursing-care plans, and maintain medical records. The 13 highest-paying jobs with less than 40 hours per week 10. Psychologists Average hours typically worked a week: 36.75 Median earned income: $56,000 What they do: Diagnose or evaluate mental and emotional disorders of individuals through observations, interviews, and psychological tests and formulate and administer programs of treatment. The 13 highest-paying jobs with less than 40 hours per week 9. Chiropractors Average hours typically worked a week: 39.75 Median earned income: $60,000 What they do: Assess, treat, and care for patients by manipulation of spine and musculoskeletal system. The 13 highest-paying jobs with less than 40 hours per week 8. Occupational therapists Average hours typically worked a week: 36.02 Median earned income: $60,000 What they do: Provide rehabilitative treatments and procedures that help build or restore vocational, homemaking, and daily living skills. The 13 highest-paying jobs with less than 40 hours per week 7. Technical writers Average hours typically worked a week: 39.61 Median earned income: $62,000 What they do: Write technical materials, such as equipment manuals, appendices, or operating and maintenance instructions. The 13 highest-paying jobs with less than 40 hours per week 6. Physical therapists Average hours typically worked a week: 37.43 Median earned income: $63,000 What they do: Assess, plan, organise, and participate in rehabilitative programs that improve mobility, relieve pain, increase strength, and improve or correct disabling conditions resulting from disease or injury. Rex Features The 13 highest-paying jobs with less than 40 hours per week 5. Audiologists Average hours typically worked a week: 37.77 Median earned income: $64,000 What they do: Assess and treat people with hearing and related disorders. The 13 highest-paying jobs with less than 40 hours per week 4. Radiation therapists Average hours typically worked a week: 38.40 Median earned income: $70,000 What they do: Provide radiation therapy to patients as prescribed by a radiologist according to established practices and standards. The 13 highest-paying jobs with less than 40 hours per week 3. Optometrists Average hours typically worked a week: 39.03 Median earned income: $100,000 What they do: Diagnose, manage, and treat conditions and diseases of the human eye and visual system. The 13 highest-paying jobs with less than 40 hours per week 2. Pharmacists Average hours typically worked a week: 38.38 Median earned income: $102,000 What they do: Dispense drugs prescribed by physicians and other health practitioners and provide information to patients about medications and their use. The 13 highest-paying jobs with less than 40 hours per week 1. Dentists Average hours typically worked a week: 37.83 Median earned income: $130,000 What they do: Examine, diagnose, and treat diseases, injuries, and malformations of teeth and gums.

We need far more ambitious measures to involve employees in decision-making so that their input and expertise is truly valued, and an active curb on runaway executive pay built into the system. That requires large and medium-sized businesses to not only publish the pay ratios between their CEO and average paid employee, but to be required to have boards composed of a third of workers.

We know that many CEOs are very talented and hardworking, but so too are many of their employees who are valued at a fraction of their pay. The cost of unequal pay to business, and to those struggling on poverty pay, is clear. It simply can’t go on like this.