Less than two days into the new year, the top 100 CEOs in Canada had already made what the average Canadian will earn for the entire year.
A new report by the Canadian Centre for Policy Alternatives found that by 10:57 am on Jan. 2, the richest execs in Canada brought in $49,738 or more, which is the average amount a working-class citizen makes annually in Canada.
Such represents a ratio of 200:1, which, according to report author David MacDonald, is a new record. One of the main arguments in this study is that if companies are able to accommodate 8 per cent pay increases for their highest level staff, they should be able to increase the wages for their average workers as well.
However, MacDonald also tells CTV that only 10 per cent of what these CEOs earn is actually from their salary and wages. The other 90 per cent of their earnings comes from the share price of the companies they manage.
Still, it's quite a shocking gap that separates the top tier from the rest. Even if workers made $15 an hour, it would still take them a month to earn what a CEO makes in just an hour: around $2,500.