Well folks, we’re sorry to start 2021 with a dunk in the cold waters of social and financial inequalities. But, here we are! On Monday, a report from a Canadian think-tank claimed that the top CEOs in the country make over 200 times the average salary in Canada. Or, around $10,000,000 versus around $50,000.
The report looks at corporate data to determine the salaries of 100 top CEOs in 2019, and uses those numbers against national averages. And by 11:17AM today, so like 2 hours after the start of the working year, they’ll have made the average salary (just over $53K) in Canada. Spooky.
Canada’s highest paid CEOs are #KeepingIt200.
For the third year in a row, @DavidMacCdn‘s report on CEO wages for 2019 reveals that Canada’s 100 highest paid CEOs continued to receive more than 200 times what the average worker was paid.https://t.co/mY4PKnIFLM#cdnpoli pic.twitter.com/GfKHk0M0NR
— The CCPA (@ccpa) January 4, 2021
And although this is insane, turns out it’s actually not as bad as the year before. The vast majority of academic data seems to point towards the erosion of the middle class. But, Canada’s average salary actually went up in 2019, while the ratio went down (from 227:1 to 202:1). For reference, this number was around 65:1 back in the 60s. Will we get back down there? Fingers crossed!
But, that’s what you get for letting a nation-state turn into a market state! Think that companies (and their executives) getting cushy tax breaks is reserved for developing nations? Think again! There’s a reason why Amazon shops around for locations to put new warehouses.
To check out this (pretty darn interesting) report on the average salary in Canada from the Canadian Centre for Policy Alternatives, just click here!