April 15th, 2014
Obscenity defined: CEO compensation, crumbs for the rest of us
From our friends at Executive PayWatch …
In 2013 the CEO to average worker pay ($16.59) ratio was 331:1 and the CEO to minimum wage ($7.25) worker pay ratio was 774:1.
America is supposed to be the land of opportunity, a country where hard work and playing by the rules would provide working families a middle-class standard of living. But in recent decades, corporate CEOs have been taking a greater share of the economic pie while wages have stagnated and unemployment remains high.
High-paid CEOs of low-wage employers are fueling this growing economic inequality. In 2013, CEOs of the Standard & Poor’s (S&P) 500 Index companies received, on average, $11.7 million in total compensation, according to the AFL-CIO’s analysis of available data from 350 companies.
Today’s ratio of CEO-to-worker pay is simply unconscionable. While CEO pay remains in the stratosphere, production and nonsupervisory workers took home only $35,239 on average in 2013, and a full-time worker making the federal minimum wage earned only $15,080.
Even as companies argue that they can’t afford to raise wages, the nation’s largest companies are earning higher profits per employee than they did five years ago. In 2013, the S&P 500 Index companies earned $41,249 in profits per employee, a 38% increase.
It doesn’t have to be this way. Politicians should raise the minimum wage. Corporations should pay their employees a living wage. And workers should have a collective voice on the job to demand their fair share.
Scroll down on the page to see that a single hour of WalMart CEO pay is equivalent to 1,372 hours of minimum wage page pay! You can’t make up stuff this outrageous.
This entry was posted on Tuesday, April 15th, 2014 at 9:24 am and is filed under Employers Gone Wild: Doing Bad Things, Fairness & Social Justice Denied. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.