CEO compensation in 2022 was significantly higher than workers' pay, continuing the pay disparity trend in the last decade. This has increased strikes and labor actions demanding better pay and conditions. According to the AFL-CIO's annual Executive Paywatch report, CEO paychecks have increased by an average of $5 million over the last decade, reaching an average compensation of $16.7 million in 2022. In contrast, workers earn 272 times less than their CEOs, suggesting that an average worker would need five lifetimes to match a CEO's earnings. The report also revealed that the largest pay ratio was found in the communication services sector, where CEOs earn 508 times more than workers. These findings come amid slowing wage growth for workers, even as inflation persists. Meanwhile, predictions of a 'richcession' have proven false, with the wealthiest Americans maintaining a larger share of wealth.
Category
đź—ž
NewsTranscript
00:00 Benzinga and here's what's on the block. CEO compensation in 2022 was significantly higher
00:06 than workers' pay, marking a continuation of the pay disparity trend in the last decade.
00:10 This has led to an increase in strikes and labor actions demanding better pay and conditions.
00:16 According to the AFL-CIO's annual executive pay watch report, CEO paychecks have increased by an
00:21 average of $5 million over the last decade, reaching an average compensation of $16.7
00:26 million in 2022. In contrast, workers earn an average 272 times less than their CEOs,
00:33 suggesting that an average worker would need five lifetimes to match a CEO's earnings.
00:37 The report also revealed that the largest pay ratio is found in the communication services sector,
00:42 where CEOs earn 508 times more than workers. These findings come amid slowing wage growth
00:47 for workers, even as inflation persists. Meanwhile, predictions of a rich session
00:51 have proven false with the wealthiest Americans maintaining a larger share of wealth.
00:55 For all things money, visit Benzinga.com
00:57 [BLANK_AUDIO]