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How CEOs Pumped Up Their Pandemic Paychecks | Opinion Sarah Anderson
, Director, Global Economy Project On 5/26/21 at 7:30 AM EDT
After the pandemic shut down their industry last March, Carnival and other cruise lines scrambled to get paying customers home often while stranding employees at sea. As late as August, the company still had employees stuck on ships.
That same month, the company s board awarded CEO Arnold Donald a special retention and incentive stock grant that inflated his 2020 compensation to $13.3 million 490 times more than the company s median worker pay of just $27,151.
Carnival had to rely on a Federal Reserve lifeline to stay afloat, but board members still went out of their way to pad the CEO s paycheck while their workers struggled.
Washington, D.C. — Andres Vinelli, vice president of Economic Policy at the Center for American Progress, released the following statement on the Tax Excessive CEO Pay Act: One of the drivers of the unacceptably high levels of economic inequality in the United States is excessive CEO pay. In 2019, CEOs of the largest corporations were paid 320 […]
More than half of the country’s 100 largest low-wage employers rigged pay rules in 2020 to give CEOs 29 percent average raises while their frontline employees made 2 percent less.
UHS, Walgreens, Labcorp called out for low wages
UHS, Walgreens, Labcorp called out for low wages
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Universal Health Services, Walgreens and Labcorp are among 100 companies highlighted in a new report for having the lowest median worker wages in 2020.
The Institute for Policy Studies, left-leaning think tank based in Washington, D.C., found average CEO compensation was $13.9 million among the 100 S&P 500 companies with the lowest worker pay last year, up 15% from 2019. Median worker pay was flat at $30,474, a figure that includes part-time, temporary and full-time U.S. and non-U.S. workers.
The report noted that 51 of the top 100 companies bent their own rules in 2020 a year defined by the devastating COVID-19 pandemic to boost executive compensation. They did that most commonly by lowering thresholds for meeting bonus targets or awarding special retention bonuses, for example.