ALMOST half of company executives had their pay frozen this year and a similar number are working more than 55 hours a week, according to a new report today.
The Institute of Directors (IoD) said a study of almost 3,500 bosses showed that no one in industry was immune from the effects of the recession.
Around 6% of those polled had taken a pay cut, the research revealed.
Miles Templeman, director general of the IoD said: "With half of directors taking a pay cut or a pay freeze this year, we can see that the recession is affecting people at all levels of seniority in the private sector.
"From the shop floor to the boardroom, no one is immune from the pain.
"In order to keep their businesses going, we’re seeing directors putting in much longer hours. This reflects both the severity of the recession and the commitment of directors to get their businesses and employees through it.
"It’s important that the public sector now follows the example set by the private sector and shares some of the pain. If we want the public finances to recover, public sector workers must accept the need for pay freezes."
The average pay rise for the 50% of directors who received one was 3.2%, said the report.
Working hours had increased "significantly" this year for directors in medium-sized companies, said the study.
