By Robert Roach, Jr.
CEOs made an average of $17.7 million in total compensation last year, according to the AFL-CIO’s latest “Executive Paywatch” report. Executive compensation has continued to rise steadily since 2016, increasing by 6% between 2022 and 2023. The gap between CEO and worker pay narrowed slightly, with CEOs making 268 times more than the average worker compared to 272 times more in 2022.
Meanwhile, employee wages have increased slightly, but the rate of these gains has declined, going from a 7% increase in March 2022 to a mere 3.9% increase in November 2024. Workers also have less of a share in corporate income than they used to, going from a nearly 80% share of corporate income in 2020 to a 71% share as of July 2024.
As AFL-CIO President Liz Shuler said, on average, the median worker at an S&P 500 company would have had to start working in 1755 (before the start of the American Revolution) to earn what the average CEO received in 2023.
The first step to solving any problem is understanding how big it is. Working people need to understand how our economic system is rigged against us and that it will take collective action, organizing, and mobilizing to restore fairness.
As retirees, we have a role to play in making sure that today and tomorrow’s workers have a fair shot at the American dream, including a secure retirement. That’s why the Alliance will always stand with organized labor.
Robert Roach, Jr. is president of the Alliance for Retired Americans. He was previously General Secretary‐Treasurer of the IAMAW. For more information, visit www.retiredamericans.org.
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