Record-Breaking CEO Pay In Canada Now 209 Times More Than Average Worker

“CEOs are making 316 times more than someone who makes fifteen dollars an hour. If shareholders can afford this year’s CEO pay hike, they should absolutely be endorsing higher wages at the bottom as well.”

News from the Canadian Centre for Policy Alternatives

Posted January 4th,  2018 on N iagara At Large 

Ottawa, Ontario  — For the first time, Canada’s 100 highest paid CEOs netted 209 times more than the average worker made in 2016, according to a new report from the Canadian Centre for Policy Alternatives (CCPA).

For many boss hogs, there is no end to their greed while millions of others see their income falling ever farther behind.

The report shows the country’s highest paid 100 CEOs on the S&P/TSX Composite index now make, on average, $10.4 million — 209 times the average income of $49,738, up from 193 times more in 2015.

“Canada’s corporate executives were among the loudest critics of a new $15 minimum wage in provinces like Ontario and Alberta, meanwhile the highest paid among them were raking in record-breaking earnings,” says the report’s author, CCPA Senior Economist David Macdonald.

“CEOs are making 316 times more than someone who makes fifteen dollars an hour. If shareholders can afford this year’s CEO pay hike, they should absolutely be endorsing higher wages at the bottom as well.” 

Among the report’s findings about the highest paid 100 CEOs in Canada:

  • Average CEO pay shot up to $10.4 million, from $9.6 million the year before. That’s up 8 per cent, and represents a new high in this data series since the 2008 global recession;
  • Breaking yet another record, they earn the average wage ($49,738) by 10:57 a.m. on January 2, the earliest ever since the CCPA has been tracking this measure;
  • The average worker will have to work full-time all year to earn that amount;
  • Minimum CEO pay required to be on the richest 100 list jumped from $3.7 million in 2015 to $5.2 million in 2016, a raise of $1.5 million in a single year;
  • On an hourly basis, that means the minimum wage for the richest CEOs rose $713.88 an hour to $2,489.62 an hour in 2016;
  • The glass ceiling still exists in this elite club: only three women made it in the top 100 rankings in 2016, up from two in last year’s report.

Climbing Up and Kicking Down: Executive pay in Canada is available on the CCPA website

For more information of the work and research reports from the non-partisan, not-for-profit public interest group, the Canadian Centre for Policy Alternatives , visit its website by clicking on  https://www.policyalternatives.ca/offices/national/about-us .

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 “A politician thinks of the next election. A leader thinks of the next generation.” – Bernie Sanders

 

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2 responses to “Record-Breaking CEO Pay In Canada Now 209 Times More Than Average Worker

  1. I strongly protest this article. It is extremely insulting to pigs.

    Like

  2. Gary Screaton Page

    I’m ready to run. Is there a campaign manager out there? The time for real change is now. Not just CEOs are a problem. Greed generally drives our economy. Else wise, why would the top 10% of households (income over $148,241) got just under one-third of the income, 32.9% to be more precise (Behind the Numbers: http://behindthenumbers.ca/2011/10/20/wealth-and-income-in-the-top-1/).
    There is a crying need at all levels of government for true social justice. The majority of voters are not in the top 10% but the top 10% get out and vote. If the rest of us — at all eligible ages — did the same, the bottom third would do much better and the Middle Class would be far better off. Alas, I can’t see that happening. Or, can it?

    Like

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