| ECONOMICS - LOOKING GLASS NEWS | |
|
CEOs earn 262 times pay of average worker |
|
|
from Reuters
Entered into the database on Thursday, June 22nd, 2006 @ 12:57:25 MST |
|
Chief executive officers in the United States earned 262 times the
pay of an average worker in 2005, the second-highest level in the 40 years for
which there is data, a nonprofit think-tank said on Wednesday. In fact, a CEO earned more in one workday than an average worker earned
in 52 weeks, said the Economic Policy Institute in Washington, D.C. The typical worker's compensation averaged just under $42,000 for the year,
while the average CEO brought home almost $11 million, EPI said. In recent years, compensation has been a hot issue with shareholders who have
been bombarded with news stories about chief executives who are given multimillion
dollar bonus and pay packages even if shares have declined. For example, the chief executives of 11 of the largest companies were awarded
a total of $865 million in pay in the last two years, even as they presided
over a total loss of $640 billion in shareholder value, a recent study from
governance firm the Corporate Library, found. In 1965, U.S. CEOs at major companies earned 24 times a worker's pay. That
ratio surged in the 1990s and hit 300 at the end of the recovery in 2000, according
to EPI. CEO pay is defined by the sum of salary, bonus, value of restricted stock at
grant and other long-term incentives. Worker pay is hourly wage of production
and nonsupervisory works, EPI said. _____________________ Read from Looking Glass News Your
Retirement Security Is at Risk. Not so for These CEOs Extra
Pay: Many CEOs Receive Dividends on "Phantom" Stock Tax
Cuts, Executive Pay and Golden Parachutes - The Rich are Different Wall
Street bonuses expected to soar again in 2005 Wall
Street grabs $21.5 billion in bonuses Corporations
paying top executives personal income taxes, paper finds Northwest
and Delta executives to make millions from bankruptcies U.S.:
Pay Gap Widens Between CEOs and Workers Minimum
Wage: Lowest in 50 Years Wall
Street Declares War on Wages WHY
is the Media Obsessed with Hourly Wages??? Real
wages fall as attack on US workers intensifies Forget
buying -- low-wage workers can barely afford rent Bush
allows contractors to pay lower wages |
|