CEO-to-worker pay gap to surge with coronavirus, AFL-CIO says
Top executives at U.S. public companies made an average of $14.8 million last year, 264 times their employees' earnings, a gap that will widen dramatically this year because of the pandemic, the AFL-CIO said Wednesday.
In its Executive Paywatch report, the nation's largest labor federation said CEOs at companies listed on the benchmark S&P 500 index saw their compensation increase by about $300,000 from 2018. While the pay gap with ordinary workers narrowed slightly in 2019 from the previous year, that gain will be short-lived because of the more than 30 million workers who have lost their jobs this year.
“The disparity is horrific and it represents a fundamental imbalance in our economy,” AFL-CIO Secretary-Treasurer Liz Shuler said during a press conference this morning. "It exposes massive inequality."
The largest pay disparity recorded on the S&P was at auto parts company Aptiv, with a ratio of 2,077 to 1. The next four highest were McDonald's Corp., apparel and footwear company VF Corp., Starbucks and the Coca-Cola Co.
https://www.msn.com/en-us/money/news/ceo-to-worker-pay-gap-to-surge-with-coronavirus-afl-cio-says/ar-BB17kNhl?li=BBnb7Kz
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