In yet another indication of the grotesque growth of inequality in Canada in our new Gilded Age a report released today by the Canadian Centre for Policy Alternatives (CCPA), found that the 100 best-paid chief executive officers in Canada make 210 times what the typical worker earns. They were paid a whopping $13.2 million, on average, in 2023.
In a vile example of just how out-of-control inequality has been allowed to get, CCPA Senior Economist David Macdonald notes: “By the first working day of the year, January 2 at 10:54 a.m., these 100 CEOs already made, on average, $62,661. It took the average Canadian worker all year to earn that amount.”
No doubt everyone returning to work in Canada after a short holiday will be thrilled to learn this.
CEOs are laughing all the way to the golf course in their limos in large part because of huge bonuses. The report found the in "2023, the cash bonus was, on average, $2.3 million per CEO." They note that in "theory, bonuses are supposed to be tied to how well the company is doing. In reality, CEO bonuses rise regardless of performance."
The report has various social democratic recommendations for taxation schemes to put a dent in this though in a future piece on The Left Chapter we will be looking at why this approach is, at best, like putting a small bandage on a gapping wound.
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