As corporations and wealthy individuals across the United States are slated to benefit from massive tax breaks thanks to the GOP’s latest tax legislation, a Bloomberg analysis published Thursday found that chief executives of American companies already make 265 times the amount of money an average worker is paid—the largest CEO-worker income gap in the world.
“CEOs of the biggest publicly traded U.S. companies averaged $14.3 million in annual pay, more than double that of their Canadian counterparts and 10 times greater than those in India,” according to Bloomberg. While India ranked second on Bloomberg‘s CEO pay-to-average income ratio, Indian chief executives made about a tenth of their American counterparts’ incomes, averaging $1.46 million annually.
“There are myriad reasons for compensation discrepancies between executives,” Bloomberg notes. “The U.S. is home to several of the world’s largest corporations, which tend to pay more. Cost of living is often higher in North America and Western Europe than some parts of Asia. And even the mere disclosure of detailed figures can push pay higher as boards set CEOs’ compensation in line with their peers.”
The new analysis comes as a security filing by Apple—one of the largest public companies in the United States—revealed on Wednesday that the company gave CEO Tim Cook and some of its other executives major raises.
The Wall Street Journal reports Cook’s “total compensation for the fiscal year, which ended in September, jumped 47 percent—to $12.8 million—the largest bump among the five executives listed in Apple’s annual proxy filing,” notably “driven by his cash bonus, which was hinged on exceeding the revenue and profit targets set by the board.”
“Apple’s other highest-paid executives received smaller increases in total compensation, according to Wednesday’s filing, each rising about 6 percent to just over $24 million from just under $23 million a year ago,” the Journal reports. “Compensation for each included about $1 million in salary, $20 million in restricted stock, and $3.1 million in cash for performance.”
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