Toronto – January 4, 2022 – According to a study by the Canadian Centre for Policy Alternatives (CCPA) compensation for Canadian CEOs is at its second-highest level in history, with the top 100 executives out-earning the average worker before lunchtime on the first official working day of the year.
Indeed, the report shows that 100 CEOs were paid on average $10.9 million in 2020, which is 191 times the earnings of an average worker in Canada. In fact, by 11:54 a.m. on January 4, CEOs would have made more than what the average Canadian worker earns the entire year.
Despite pocketing record-high compensation, the report cites 30 CEOs who accessed the Canada Emergency Wage Subsidy for public assistance to pay their employees, and 14 who restructured their compensation packages to shield any impact from the COVID-19 economic fallout.
As COVID-19 continues to lay bare the inequities in society it is becoming even more critical that governments pursue policies that level the playing-field, especially when we’re all being asked to pull together in these difficult times.
To read the full report and recommendations policy-makers should be considering in light of these growing inequities, click here.