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Santa Claus All Year For Top CEOs

January 8 2008 - Canadian employees may be surprised to know that the 100 best paid CEOs in Canada pocketed the national average wage of $38,998 by 10:33 am January 2nd. They will have equalled the annual income of a full-time full-year minimum wage worker by 1:04 p.m. New Years' Day.

A new report on CEO pay by the Canadian Centre for Policy Alternatives (CCPA) also states that, for the rest of the year, these CEOs will 'earn' the average Canadian wage every 9 hours 33 minutes.

"Most Canadians are heading back into work with a mound of Christmas bills and financial worries but for Canada's best paid 100 CEOs it's like Santa Claus delivers every nine hours," said report author, CCPA Research Associate Hugh Mackenzie.

"That's what happens when you make an average of $8,528,304 - which is the average of what Canada's 100 best paid CEOs made in 2006."

The top 100 CEOs (in terms of pay) average more than 218 times the typical Canadian full-time employee's earnings.

"That represents a significant gap between the rich and the rest of us - especially the working poor who earn the minimum wage," Hugh Mackenzie said.

"We have to ask ourselves, are those at the top of the income heap really worth so much? And are those at the bottom really worth so little?"

Find out how quickly the top 100 CEOs earn your salary at www.growinggap.ca.


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