Wednesday, January 16, 2008

New Year's Party Still Going for Top CEOs

Canadian Centre for Policy Alternatives

TORONTO - By the time most Canadians roll up their sleeves to begin a new year of work, Canada's best paid 100 CEOs will already be having a good year: They'll pocket the national average wage of $38,998 by 10:33 am January 2 nd.

And they will continue to earn the average Canadian wage every nine hours and 33 minutes for the rest of the year, according to a new report on CEO pay by the Canadian Centre for Policy Alternatives (CCPA).

"Most Canadians are heading back into work with a mound of Christmas bills and financial worries but for Canada's best paid 100 CEOs it's like Santa Claus delivers every nine hours," says the report's author, CCPA Research Associate Hugh Mackenzie.

"That's what happens when you make an average of $8,528,304 – which is the average of what Canada's 100 best paid CEOs made in 2006."

On average, the best-paid 100 CEOs make more than 218 times as much as a Canadian working full-time for a full year at the average of weekly employment earnings.

"That represents a significant gap between the rich and the rest of us – especially the working poor who earn the minimum wage," Mackenzie says.

By 1:04 p.m. New Years' Day, the best paid 100 CEOs pocketed what will take a minimum wage worker all of 2008 to earn. Every four hours and four minutes, they will keep pocketing the annual income of a full-time full-year minimum wage worker.

"We have to ask ourselves, are those at the top of the income heap really worth so much? And are those at the bottom really worth so little?"

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