The New York Times reports that the New Coronavirus (a Chinese communist virus) has plunged the world into an economic crisis, with unemployment in the United States soaring last year and tens of millions of Americans struggling to survive, but many of the companies affected by the epidemic have lost money and laid off employees, but the chief executives in charge of operations are still earning big salaries.
The epidemic caused many U.S. companies to cut jobs and salaries last year, but CEO pay at large companies was unaffected and even grew against the trend. Boeing 737 MAX airliner grounded and business plummeted, laying off 30,000 people and losing $12 billion, CEO Kellhorn still got $21.1 million in pay.
Cruise industry due to the epidemic last year completely shut down, Norwegian Cruise Line loss of $ 4 billion, two members of the workers on unpaid leave, but CEO Del Rio’s salary more than doubled, reaching $ 36 million. Compensation refers to salary, matching shares, bonuses plus other benefits.
U.S. corporate CEOs and general labor in the huge difference in pay, illustrating the U.S. economy is nearly recovered, but the income is seriously uneven problem. The stock market is up, the rich are spending money, but tens of millions of people are still struggling to make ends meet. CEOs are making good money, while laid-off workers are lining up at food banks.
For corporate executives who hold shares in many companies, the growth of their fortunes is even more pronounced. Bloomberg reports that eight of the world’s 10 richest people are now founders or big bosses of U.S. technology companies, and these people have increased their fortunes by billions of dollars this year.
New York Times reported that the Economic Policy Institute statistics, the U.S. corporate CEO is now 320 times the pay of the company’s average employee, in 1989, the figure was 61 times.
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