Bosses’ Pay Grew at Double the Pace of Workers

CEO pay increased at almost twice the rate of wages in 2018. The average worker got a 3.2% raise, or an extra 84c per hour. The median CEO pay went up $1.1 million, or 6.3%.

nytimes_thumb.jpgA detailed report in the New York Times entitled It’s Never Been Easier to be a CEO and the Pay Keeps Rising provides a wealth of information on how those at the top are sucking up most of the financial goodies from economic growth. And yet there is no correlation between executive pay and executive performance. For example, Warren Buffett’s Berkshire Hathaway does not pay exorbitant salaries.

But take a look at one big Teamster employer: Walt Disney Co. CEO Bob Iger boosted his pay to $65.6 million last year, which is 1424 times more than the average employee’s wage of $46,127. Abigail Disney, whose grandfather and great uncle founded the company, stated “There’s a point at which there is much going around the top of this system into this class of people – I’m sorry if this is radical – have too much money!”

A new rule requires corporations to disclose the ratio of pay of the CEO to the median salary of employees. The AFL-CIO has an interactive chart where you can find the CEO pay, median employee pay and ratio for hundreds of companies.

A number of big Teamster employers fall in the middle of the greed spectrum. UPS CEO David Abney makes 274 times the average worker and supervisor, at $14.6 million. Kroger’s CEO racks up 547 times the average at $11.5 million, while paying an average of only $21,075. Honeywell’s CEO bags 288 times the average, and United Airlines’ CEO makes 144 times.

There is no limit to corporate greed, except what society requires. And the strongest force to bring more solidarity and equality, and less greed and suffering: a vibrant, growing labor movement.

Showing 3 reactions

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  • Bruce Swearingen
    commented 2019-06-01 16:24:26 -0400
    Seems like the ‘BOSSES’ need to be held accountable..
  • Demetrick Toney
    commented 2019-05-30 10:38:04 -0400
    We should remember stories no let me correct myself with facts from this news story. We should remember them when time to negotiate our contract. I hear some of us think we should have a pay cap on the next contract or 2. Which is ridiculous and should not be mentioned as long as this company UPS is making Billions in profits. So when I some of us I mean our union brothers and sisters you should always go for the money our company will continue to do so. Which makes them Billions off our backs which they usually over work for in comparison a very small pension. So just remember the facts that our CEO,COO,CFO and all those at the top making millions in salaries where even at top pay we make a percentage of that per year when time to renegotiate our next contract. Let’s not be greedy but just ask no demand a little more than $4 in 5years. $1 a year should be the minimum we should get every contract while UPS IS making Billions in profits a year.
  • Bruce Swearingen
    commented 2019-05-28 13:41:22 -0400
    We’re not all doing better..with this insatiable corporate GREED
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