The report also found that CEO compensation has increased an astounding 1,322% since 1978. From 1978-2020, the pay for an average worker only increased 18.0%.
Most CEOs made $351 for every dollar earned by a typical employee, which rose from 307-to-1 in 2019, the EPI revealed. The report’s co-author Lawrence Mishel noted that some company heads publicized their pay cuts during the pandemic.
“CEOs offering pay cuts during the pandemic yielded favorable headlines, but were symbolic at best and a head fake at worst,” he said in a statement.
As reported by CBS News, Yum Brands CEO David Gibbs saw a $9.5 million bonus, Norwegian Cruise Line CEO Frank Del Rio received a $3.6 million annual bonus “plus a one-time special payment of $2.8 million,” and Hilton Hotels CEO Christopher Nassetta got $13.7 million worth of extra shares in the company, despite all three companies announcing layoffs, furloughs, or “declining profits” at some point in the year.