Fat cats are raking in an eye-watering 144 times as much as their average employees — but a leading trade unionist says they’re just not worth it.

A study published yesterday by the High Pay Centre came as a kick in the teeth for millions of British workers, whose real-terms pay has continued to tumble down the ConDem cliff in spite of ministers’ claims of a recovery.

The study shows executive pay has spiralled out of control under successive governments. A survey of top firms in 1980s found that top managers were paid between 13 and 44 times the average. While in 1998 the average FTSE 100 chief got 48 times as much in their pay packet.

GMB general secretary Paul Kenny called for the government to punish bosses for their greed via the tax system.

He said: “This is a blatant case of market failure as these managers are not worth this money.

“The top managers help themselves to vast sums simply because they can do so and no one stops them.

“85 per cent tax rates for pay over £1m should be re-introduced not to bring in revenue but to deter such greed.”

His comments were echoed by TUC leader Frances O’Grady, who said “Unless we get to grips with growing pay inequality, the same old rich elites will hog the benefit of economic growth for themselves while millions of working people will miss out.”

High Pay Centre director Deborah Hargreaves said “While Government figures confirm that wages for ordinary workers keep falling, it’s clear that not everyone is feeling the pain.

“When bosses make hundreds of times as much money as the rest of the workforce, it creates a deep sense of unfairness.

“Britain’s executives haven’t got so much better over the past two decades. The only reason why their pay has increased so rapidly compared to their employees is that they are able to get away with it.

“The Government needs to take more radical action on top pay to deliver a fair economy that ordinary people can have faith in.”

The Confederation of British Industry did not respond yesterday to pager messages asking for comment.