A new study by the Canadian Centre of Policy Alternatives (CCPA) called "Recession-Proof: Canada's 100 best paid CEOs" shows that while working families continue to struggle with the impacts of the global economic crisis, Canada's tops managers are cashing in more than ever.
The study looks at 2009 compensation levels for Canada’s best paid 100 CEOs and finds they pocketed an average of $6.6 million during the darkest period of the recession – a stark contrast from the total average Canadian income of $42,988.
At this rate of reward, this handful of elite CEOs pocketed the equivalent of the average Canadian wage by 2:30 p.m. on January 3 – the first working day of the year. To read the full report click here.
The report also reveals that the gap between the rich and everyone else is getting bigger and bigger all the time. According to the report, "In 1995, the average pay of Canada’s highest paid 50 CEOs was $2.66 million, 85 times the pay of the average worker. In 2009, the average pay of the highest paid 50 CEOs had skyrocketed to 219 times the pay of the average worker."
The CCPA is an independent, non-partisan progressive policy research institute in Canada. It concentrates on economic policy, international trade, environmental justice and social policy. The CCPA is governed by a board of leading progressive organizations and institutions that includes UFCW Canada.
Vol. XI No. 02 • January 10, 2011