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Directors old and underpaid
Page 8
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The haulage sector is not only suffering from an ageing driver profile—Its company directors are also much older, and are being paid less, than the rest of industry.
By the end of this year, a quarter of directors in the UK road haulage industry will be over 60 years old, according to a report written by Plimsoll Publishing.
Its latest report analysed the age and pay of 5,344 directors in the road haulage Industry. The study found that just under 50% were born in the 1940s or before.
David Pattison, analyst at Plimsoll, says: "Directors are staying at their company out of necessity, pride and even enjoyment. Yet there is no doubt that many of these 'baby boomers' are at a crossroads."
The report goes on to name 306 companies run by 1940's directors', which would realise £1m if they were sold. "It's a tempting prospect for someone thinking of his or her retirement fund," says Pattisen.
The average salary last year in the haulage sector was £48K, and the highest paid directors are earning £130K (the overall industry average is £15010.