By Antonio Cordero
INDIANAPOLIS— A report released today by the American Federation of Labor and Congress of Industrial Organizations highlighted the disparity in wages between top corporate executives and the rest of their workers.
The report showed how corporate executives in Indiana earned 99 times more than workers in 2013 and 261 times more than those making minimum wage. The average Hoosier CEO earned $3.9 million for the year compared to the $39,841 earned by the average worker, while a full-time worker earning the state minimum wage made just $15,080.
“In Indiana its long past time that we raise the wage. People are working harder and longer and making less and less – and that’s not only bad for our families – it’s harmful to our economy,” Brett Voorhies, Indiana State AFL-CIO President, said in a press release.
But the report only used Indiana’s 47 highest paid public-company executives to come up with the average. Only 15 CEOs make more than $3.9 million annually.
Despite several companies in the country claiming they can’t afford to raise wages, the average CEO in the U.S. earned an average of $11.7 million in 2013 – meaning they were paid 331 times the average worker’s salary, and 774 times more than workers making minimum wage.
In 2013, the S&P 500 Index companies earned $41,249 in profits per employee – a 38 percent increase of what they paid their workers.
“CEO Executive PayWatch calls attention to the insane level of compensation for CEOs, while the workers who create those corporate profits struggle for enough money to take care of the basics,” Richard Trumka, President of the AFL-CIO, said in a press release.
The report is available at AFL-CIO’s Executive PayWatch website (www.paywatch.org).
Antonio Cordero is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students.
Clarification: This story has been clarified from it’s original post to include more specific parameters of the report. Only 47 public-company CEOs were surveyed to come up with the $3.9 million average salary.
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