Friday, January 3, 2014
By Graeme MacKay, The Hamilton Spectator – Friday, January 3, 2014
Top Canadian CEOs earn annual worker’s salary by lunchtime on Jan. 2
By the time you finish lunch on Thursday, Canada’s top paid CEOs will have already earned the equivalent of your annual salary.
It may be hard to swallow, but according to an annual review by the Canadian Centre for Policy Alternatives, by 1:11 p.m. on Jan. 2, the average top paid Canadian CEO will have been earned as much as the average full-time worker’s yearly income.
The review found the average compensation among Canada’s top 100 CEOs was $7.96 million in 2012. This compared with the average annual Canadian worker’s salary of $46,634.
The centre says CEO pay for Canadian public companies listed on the Toronto Stock Exchange has ballooned by 73 per cent between 1998 and 2012, the latest figures available.
In contrast, the average Canadian full-time worker’s annual salary has only grown by six per cent during this period.
This amounts to the country’s top 100 highest-paid CEOs making 171 times the earnings of an average Canadian wage — a jump from 105 times in 1998. (Source: CBC News)
It's 1:11, how's your lunch going down? #cdnpoli #HamOnt pic.twitter.com/W4M5gjX1ll
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