CEO to Worker Pay: 299 to 1
AFL-CIO Executive Paywatch shows growing need for more unions
The following was put out by Union Matters, a comprehensive email put out by the NYC Central Labor Council every Friday. You can sign up for it by clicking here.
2020’s growth in pay inequity between workers and CEOs confirms the “executive base salary reductions” touted during the COVID-19 crisis were just lip service, per this year’s AFL-CIO Executive Paywatch report.
The Executive Paywatch website, the most comprehensive, searchable online database that tracks CEO pay, shows that the CEO of an S&P 500 company received, on average, $15.5 million in total compensation in 2020. The average S&P 500 company CEO-to-worker pay ratio was 299-to-1.
Despite a painful year of unspeakable loss and economic turmoil, during which millions of working people lost their jobs through no fault of their own, this year’s report shows that an S&P 500 CEO’s pay has increased, on average, by more than $700,000.
Our nation’s growing levels of inequality showcase the importance of passing the Protecting the Right to Organize (PRO) Act, a monumental labor law reform bill currently in the U.S. Senate. The PRO Act will remove barriers to organizing and transform our economic system into one that works for all workers, not just corporate interests and billionaires. Read more here!