According to a new report released by the Canadian Center for Policy Alternatives (CCPA) on Tuesday, CEOs of major Canadian companies listed on the Toronto Stock Exchange are being paid better than ever.
The 100 highest-paid CEOs in Canada earned an average of $ 10.9 million by 2020, up $ 95,000 from the previous year, according to the document. Another year in Paradise: CEO salary in 2020.
Business leaders have had one of their best years of compensation, and CEOs’ annual compensation is now 191 times higher than the average worker’s salary.
“At this rate, the highest paid CEOs in Canada earn before dinner on January 4, the first official working day of the year, taking an average worker a year to earn,” the report said. Author and senior CCAC economist David McDonald.
While the year 2020 will be a very difficult one for most workers, CEOs ’salaries don’t seem to have moved anything, not even the epidemic, the economist added.
Compensation such as cash bonuses now account for 82% of the annual income of the highest paid CEOs in the country.
“If there’s a single reason CEO pays to stay on the stratosphere, it’s because it protects against uncontrolled bonuses falling even in an epidemic,” McDonald said, pointing out that bonuses have risen far beyond wages.
And out of 100 wealthy CEOs, 30 of them run a company that uses the Canadian Emergency Wage Subsidy (CUSS), 14 have increased their bonuses due to COVID-19, and five have lived in two conditions.
Several policy solutions, including the addition of wealth tax, are recommended in this report.