CEO pay-to-minimum wage ratio soars
Today’s average CEO earns more before lunch in one day than the average minimum wage worker earns all year, with a compensation ratio of 821-to-1. CEO pay continues to climb, while the federal minimum wage has remained unchanged since 1997. This week’s Snapshot, by Economic Policy Institute President Lawrence Mishel, previews data to be presented as part of the forthcoming The State of Working America, 2006/07.
This ratio assumes a minimum wage worker with “a full-time, year-round job along with benefits calculated at the economy-wide ratio of compensation to wages.” How many minimum wage workers do you know that actually get 40 hours a week, every week, much less benefits? If anything, therefore, the ratio is understated, from what I can tell.
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