The top executives at large US companies are paid 278 times more than their company’s workers and the gap continues to widen, according to a study published Wednesday.
Average CEO compensation at the 350 largest US firms in 2018 was $17.2 million a year, including stock options, which generally account for two-thirds of their pay packages, according to a study by the Economic Policy Institute.
The gap between CEO and workers has soared from 58-to-1 in 1989 and 20-to-1 in 1965, according to EPI, a nonpartisan think tank that focuses on issues facing low- and middle-income workers.
From 1978 to 2018, CEO compensation has increased by more than 1,000 percent — with increasingly rich stock awards — while worker pay has risen just under 12 percent.
“This escalation of CEO compensation, and of executive compensation more generally, has fueled the growth of top 1.0% and top 0.1% incomes, leaving less of the fruits of economic growth for ordinary workers and widening the gap between very high earners and the bottom 90%,” the study said.
“The economy would suffer no harm if CEOs were paid less (or taxed more).”
And the study said the pay inflation “does not reflect rising value of skills, but rather CEOs’ use of their power to set their own pay. And this growing power at the top has been driving the growth of inequality in our country.”
ABC News had the goods on Jeffrey Epstein years ago — and killed the story
Multimillionaire predator Jeffrey Epstein died in suspicious circumstances at a Manhattan correctional facility on Aug. 10. The wealthy and powerful New York financier, a convicted sex offender, stands accused by dozens of women and girls of trafficking, rape and sexual abuse. He was an enormously influential and well-connected man who counted as friends billionaire business owners, Hollywood stars, British royals, and even top media figures like Katie Couric and Charlie Rose — with some of his associates falling under suspicion of condoning or even participating in a pedophile ring.
Child killed as quake strikes southern Philippines
A powerful earthquake hit the southern Philippine island of Mindanao on Sunday, killing a child, injuring dozens and damaging buildings in an area still recovering from a string of deadly quakes in October.
Police said a rescue operation had been launched at a heavily damaged market building in Padada near the 6.8 magnitude quake's epicentre, which is about 90 kilometres (55 miles) south of the major city of Davao.
Patients were evacuated from hospitals as a precaution and nervous crowds massed outside shopping malls after the jolt and dozens of smaller, but strong aftershocks.
50 bodies unearthed from Mexican mass grave
The bodies of at least 50 people have been unearthed from a mass grave at a farm outside Mexico's western city of Guadalajara, local authorities said.
The grim site was discovered just over three weeks ago in Jalisco -- a state hard-hit by violence linked to organized crime.
The local prosecutor's office said Saturday 13 of the dead -- 12 men and a woman -- have been identified and the remains given to their families.
The process of identifying more of the victims and how they died will continue, it added.
A mass grave with 34 bodies was discovered in a suburb of Guadalajara on September 3, while another was found nearby in May with the remains of 30 people.