After the holiday season, most Canadians will return to their jobs and get back to the usual routine.
When most workers were just about to take their lunch break on Jan. 3, Canada’s highest paid elite group of CEOs will earn the same amount average working person’s income for all of 2017.
It’s a shocking stat, that shows the difference between the super wealthy and the average Canadian.
The report was released by the Canadian Centre for Policy Alternatives and found that the 100 richest CEOs in Canada took in an average of $9.5 million in 2015. This number includes ‘salaries, bonuses, share grants and stock options, the report said.
The highest paid Canadian CEO in the report was J. Michael Pearson, CEO of Valeant Pharmaceuticals, who collected $182.9 million.
The report also found that CEO compensation in Canada has increased by 178 per cent between 1998 and 2015.
One issue pointed out by the author of the report Hugh Mackenzie is that board of directors have the authority to ‘set compensation’. He suggested having this decision be more accountable to shareholders rather than a board of directors.
Political economist Robert Reich suggested having a tax penalty on CEOs who earned more than a ‘given ratio’ to average pay. He said that the increase in average workers pay would simulate the economy.
Having a fair and steady wage is so important to quality of life both inside and outside of the workplace. With the rise of precarious work, it is so important to know you have rights when it comes to your wage.
Having a union representing you means you have a guaranteed fair wage and someone to look out for you. Unions also set the bar for all workers, non-union and union, for fair wages.
With rising CEO pay in Canada, it becomes ever more important to make sure you are guaranteed a fair wage.