A report has recently been released showing the massive wage gap between CEOs and the average employee during the pandemic.
According to Common Dreams, the AFL-CIO’s Executive Paywatch report examined compensation at S&P 500 companies, revealing that executives were paid 299 times the average worker’s salary in 2020.
As the report states, the CEO of an S&P 500 company received, on average, $15.5 million in total compensation in 2020. During a painstaking year of unspeakable loss and economic turmoil, where millions of working people lost their jobs through no fault of their own, this year’s report shows an S&P 500 CEO’s pay has increased, on average, by more than $700,000.
“Working people bore the brunt of COVID-19 and its impact on the U.S. economy. Last year, the unemployment rate peaked at 14.7% in April, with a record 41 million layoffs in the United States. While many of those jobs have come back, there was a net loss of 9 million jobs in 2020,” says AFL-CIO Secretary-Treasurer Liz Shuler.
The online payroll company Paycom, the auto parts company Aptiv, General Electric, Nike, Hilton, and Chipotle were among the companies whose CEOs were paid the most.