CEO salaries through the roof

CEO salaries through the roof while workers aren’t getting a fair share

Far too many workers aren’t able to provide for themselves and their families and are missing out on getting ahead because wealth is being concentrated at the top, the CTU said today.

The NZ Herald’s CEO salary survey out this morning found average salaries among those CEOs surveyed has risen 10 per cent last year, while many workers haven’t had a pay increase at all.

“Low wages in New Zealand is a huge part of the story of inequality. The excessive gap between ordinary workers and those at the very top of the economic pile is making things worse,” said CTU secretary Sam Huggard.

“Half of New Zealand’s households receive no more income, in real terms, than a generation ago. Workers are not getting a fair share of the gains our economy is producing.”

“And despite government saying inequality is falling, when we crunch the numbers, they show that a sharp rise in inequality is due to a rapid rises in high incomes.”

“The highest paid are continuing to do very well, and it’s not just CEOs. The average income of the top 0.1% is estimated to have risen from $665,000 to $892,000 between 2011 and 2013 (latest available figures from IRD).”

“Workers will be making their case for a decent payrise this year. Many are due for a catch-up after years of not getting what the economy can afford.

ENDS

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