Tuesday, 18 June 2024
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BusinessCanada

CEO compensation in Canada is 246 times higher than the typical worker

  • According to the research, the top 100 CEOs in Canada are now paid 246 times the average worker’s salary.
  • The average salary of the 100 CEOs, the majority of whom are men, was $14.9 million in 2022.
  • In 2022, the typical Canadian worker received a $1,800, or 3%, wage increase.

As per a study conducted by the Canadian Centre for Policy Alternatives (CCPA), the typical worker’s annual pay will have been earned 27 minutes into the new year by the 100 highest-paid CEOs in Canada.

According to the research, the top 100 CEOs in Canada are now paid 246 times the average worker’s salary, surpassing the previous record set last year, which was 243 times the average worker’s compensation.

CEO and the typical worker

The average salary of the 100 CEOs, the majority of whom are men, was $14.9 million in 2022, exceeding their previous record-breaking salary of $14.3 million in 2021 and creating a new all-time high in the data series.

The largest private sector union in Canada, Unifor, has a national president named Lana Payne who describes the findings as “enraging.” According to her, CEO compensation has been rising steadily over the past few years to reach an all-time high at this time.

Not all CEOs, though, receive compensation as high. The CEO of ConnectED Labs, Hosni Zaouali, has a formula that he uses to make sure his compensation and that of his staff members are on an “even scale.”

Although base pay plays a significant role in determining CEO wealth, it does not give a complete picture of their overall income. Since CEO compensation is mostly in the form of bonuses that are determined by factors like revenue and profits, inflation can be partially blamed for the significant rises in CEO pay.

In 2022, the typical Canadian worker received a $1,800, or 3%, wage increase. However, with prices rising 6.8% in 2022, workers saw a salary decrease of about 4% from 2021 to 2022.

The CCPA report makes several recommendations for closing the pay gap, including raising the capital gains inclusion rate, introducing a wealth tax on the wealthy, eliminating corporate tax deductibility for compensation exceeding $1 million, and raising the top marginal tax brackets.

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