The average CEO of companies in Standard & Poor’s 500 index rose 13.9 percent to $12.9M in 2011, according to a survey conducted by the AFL-CIO. That’s a smaller jump than the 22.8 percent increase in the prior year.
CEOs, however, can take heart. They beat the 2.8 percent gain for the average worker who took home $34,053 in pay, according to the Bureau of Labor Statistics. The median household income fell $3,719 from 2000 to 2010.
The AFL-CIO reports the ratio-to-worker pay gap widened to 380 times in 2011, up from 343 times in 2010. The 1980 CEO received 43 times the average worker’s pay.
Its “trends in CEO pay” study breaks down CEO comp as salary ($1.1M), bonus ($268,110), stock awards ($5.3M), stock options ($2.3M), non-equity incentive plan ($2.4M), pension and deferred comp ($1.3M) and other ($252,657).
The union blames “runaway CEO pay” as the driving force between the income inequity in the U.S. It cites a study by University of California Berkeley economics professor Emmanuel Saez who found that in 2010, the first year of recovery from the Great Recession, the top one percent enjoyed 93 percent of the nation’s income growth.
The just-released AFL-CIO report provides good grist for the Occupy Wall Street crowd that is starting to stir things up once again in New York City’s financial district.