Canada: ceos have already pocketed the annual salary of the average worker

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In 2016, the hundred most highly paid executive officers of companies in the index composite S&P/TSX composite index touched average of 10.4 million — is 209 times more than the average salary of 49 738 $.

Three minutes before the stroke of 11 a.m., Tuesday morning, the 100 business leaders of the highest paid in Canada had already pocketed what the average worker will make all year to win.

 

This period of time, as estimated by economist David Macdonald, is the shortest ever seen since the canadian Centre for policy alternatives has started to do the math, there is about a dozen years.

 

Its director, Peter Bleyer, raises the gap between the best and the least well-paid in the country continues to grow.

 

In 2016, the hundred most highly paid executive officers of companies in the index composite S&P/TSX composite index touched average of 10.4 million — is 209 times more than the average salary of 49 738 $.

 

It was then increased by 0.5% compared to the previous year, this means that, once inflation is taken into account, it had in fact decreased. During this time, these corporate executives saw their income rise by 8 %.

 

A ” game “

 

Peter Bleyer explains this increase by the fact that they are enriched mainly thanks to the stock market values. It is estimated that the proportion of the stock option in their compensation at night in the governance of their company.

 

“The values on the stock exchanges are not the actual value of the work of these large companies — it should be the profits, income, etc It becomes a bit of a game “, he reported Tuesday, in a telephone interview with The canadian Press.

 

The canadian Centre for policy alternatives calls for a profound tax reform, citing as an example the elimination of the reduction of the tax on capital gains for shares forming part of the remuneration paid to presidents and general managers (ceos) of large companies.

 

“On a global scale, the gap between what is earned by the ceos and the average worker is seen as a symbol of inequality, exposes Peter Bleyer. There’s all of this wealth is concentrated in very few hands, but also what it represents relative to the value that we attach to the work of one versus the other. “

 

The report’s author, David Macdonald, raises, moreover, that these 97 men and 3 women — who earn an average of 2489,62 per hour — are often among the first to oppose the minimum wage of $15.

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