Highest Paid CEOs Pocket Average of $7.3 Million in 2008
January 4, 2010, 1:42 PM EST
The 100 highest paid Canadian CEOs took home an average of $7.3 million in 2008, which is 174 times more than the average Canadian wage, a new report by the Canadian Centre for Policy Alternatives states.
This came at a time when the recession was hitting working Canadians hard, CCPA economist Hugh Mackenzie said.
He said average compensation for the top CEOs outpaced inflation by 70 per cent between 1998 and 2008. During the same period, those earning the average income lost six per cent to inflation, he said.
Canadians will work full-time for a year to earn the national average of $42,305, Mackenzie said. "The top 100 CEOs pocket that amount by 1:01 p.m. on Jan. 4 - the first working day of the year," he said.
To read the full CCPA study, please visit www.policyalternatives.ca/publications/reports/soft-landing