While Canadians are trying to make ends meet and dealing with financial hardships (you can thank inflation), Canada’s top CEOs have just made more money than some of us will ever make in a year, according to a report released on Tuesday.
They now make over 240 times more than the average worker in Canada. What a way to start the new year.
The report, which analyzes corporate data to determine the salaries of the top 100 CEOs in 2021, found that Canada’s highest-paid CEOs will have already made $58,800 by 9:43 a.m. on January 3, 2023. That’s more than what the average worker in the country, makes in a whole year.
And while the majority of Canadians are struggling with monthly bills and putting food on the table, CEOs actually benefit from inflation. So since corporate profits have hit historic highs, executive bonuses skyrocket, according to the report.
“We think of inflation as bad for everyone, but for CEOs, it’s the gift that keeps on giving. Historically high profits based on historically high inflation mean historically high bonuses for CEOs,” said CCPA Senior Economist David Macdonald in Breakfast of Champions: CEO Pay in 2021. “When times are bad, like during the pandemic, CEO bonus formulas are altered to protect them; in good times, like 2021, the champagne never runs dry.”
We’d like to have a sip from whatever they’re drinking.
To read the full report by the Canadian Centre for Policy Alternatives, click here.