CEO Pay Continued to Rise in 2023, Widening the Income Gap Between Executives and Workers from mba inc Watch Video

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✓ Published: 04-Jun-2024

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CEO Pay Continued to Rise in 2023, , Widening the Income Gap , Between Executives and Workers.<br/>'The Independent' reports that the typical CEO <br/>compensation for S&P companies continues to<br/>increase, outpacing wages for average workers.<br/>The Associated Press released its annual analysis of <br/>CEO pay, which takes into account salaries, bonuses, <br/>perks and other pay components, like stock awards.<br/>According to the data, median CEO pay jumped almost <br/>13% in 2023, over three times more than the 4.1% increase <br/>to wages and benefits for private-sector workers.<br/>The median pay package for CEO's in 2023 <br/>was up 12.6% from 2022, reaching $16.3 million.<br/>With $16.3 million representing the midpoint, approximately half of the S&P 500 CEOs <br/>included in the survey earned even more.<br/>According to the survey, the income gap <br/>was even wider at companies where<br/>workers earn lower wages, like retail.<br/>'The Independent' uses Ross Stores as an example, where <br/>the average worker earning $8,618 would take 2,100 years <br/>to earn as much as CEO Barbara Rentler made in 2023.<br/>'The Independent' uses Ross Stores as an example, where <br/>the average worker earning $8,618 would take 2,100 years <br/>to earn as much as CEO Barbara Rentler made in 2023.<br/>At the top of the AP data was Broadcom Inc. <br/>CEO Hock Tan, who took home a 2023 <br/>pay package worth an estimated $162 million.<br/>At the top of the AP data was Broadcom Inc. <br/>CEO Hock Tan, who took home a 2023 <br/>pay package worth an estimated $162 million.<br/>In addition to the widening gap between <br/>employees and CEOs, the survey also <br/>highlighted the persistence of gender inequality. .<br/>The highest paid female on the list was Lisa Su, <br/>the CEO and chair of the board for Advanced Micro <br/>Devices, with a total compensation of $30.3 million. .<br/>The highest paid female on the list was Lisa Su, <br/>the CEO and chair of the board for Advanced Micro <br/>Devices, with a total compensation of $30.3 million.