The CEO worker pay ratio published in a survey this week shows that in 2013, CEOs of top U.S. corporations were paid $10,000 to $20,000 an hour. On average, CEOs make 331 times more money than the average U.S. worker and 774 times more than the minimum wage worker. The new data comes just a few days after a U.S. oligarchy study showed that America is really ruled by the rich and influential, and not voters. According to an April 16 Inter Press Service report, the news that CEOs make much more than the average worker is fueling the growing debate over economic inequality.
The data reported in AFL-CIO’s 2014 Executive PayWatch analysis shows a comparison of the hourly income of some of the top executives with the hourly income of an average worker. Some of the top CEOs include Michael T. Duke from Walmart, Clarence Otis, Jr. from Darden Restaurants, Daniel M. Delen from Reynolds American, John Legere from T-Mobile, and John Bryant from Kellogg.
A minimum full-time worker would have to work 1372 hours to earn as much money as Michael T. Duke, President and CEO, WAL MART STORES INC. makes in one hour. In 2013, Michael T. Duke had an annual income of $20,693,545 making it 587 times the average worker's pay.
To compare your own income to that of Michael T. Duke and the above top paid CEOs, the Executive PayWatch website allows users to input their own income and find out how that salary compares. Even though the website is somewhat difficult to navigate, the information is very eye opening.
Clicking on the CEOs name while it displays the hourly income, shows a breakdown of where the money is coming from and includes the CEOs annual income, stocks, and bonuses. The information is then compared to the average worker.
For example, Charif Souki -- Chairman, Chief Executive Officer and President of CHENIERE ENERGY INC which deals with crude petroleum and natural gas – has an annual salary of $781,063, a bonus income of $3,200,000, a Value of Stock Awards of $49,210,000, and a Non-Equity Incentive Plan Compensation of $4,200,000. “In 2012, Charif Souki received $57,518,332 in total compensation. By comparison, the average worker made $35,239 in 2013. Charif Souki made 1632 times the average worker's pay.”
The list of the top 100 highest paid CEOs shows Charif Souki in spot number seven. Number one is Lawrence J. Ellison from the Oracle Corporation. His 2013 income was $78,440,657. Lawrence J. Ellison made 2226 times the average worker's pay.
The CEO worker pay ratio described by AFL-CIO’s analysis of available data from 350 companies does not only compare the 2013 income of the CEOs of top U.S. corporations. The report also compares the demographics of those CEOs. According to the website, 95.4 percent of Fortune 500 CEOs are white and the same percentage is also male. In its conclusion, the report states that “even as companies argue that they can’t afford to raise wages, the nation’s largest companies are earning higher profits per employee than they did five years ago. In 2013, the S&P 500 Index companies earned $41,249 in profits per employee, a 38% increase.”