CEO Pay Continued to Rise in 2023, Widening the Income Gap Between Executives and Workers

CEO Pay Continued to Rise in 2023, , Widening the Income Gap , Between Executives and Workers.

'The Independent' reports that the typical CEO compensation for S&P companies continues to increase, outpacing wages for average workers.

The Associated Press released its annual analysis of CEO pay, which takes into account salaries, bonuses, perks and other pay components, like stock awards.

According to the data, median CEO pay jumped almost 13% in 2023, over three times more than the 4.1% increase to wages and benefits for private-sector workers.

The median pay package for CEO's in 2023 was up 12.6% from 2022, reaching $16.3 million.

With $16.3 million representing the midpoint, approximately half of the S&P 500 CEOs included in the survey earned even more.

According to the survey, the income gap was even wider at companies where workers earn lower wages, like retail.

'The Independent' uses Ross Stores as an example, where the average worker earning $8,618 would take 2,100 years to earn as much as CEO Barbara Rentler made in 2023.

'The Independent' uses Ross Stores as an example, where the average worker earning $8,618 would take 2,100 years to earn as much as CEO Barbara Rentler made in 2023.

At the top of the AP data was Broadcom Inc.

CEO Hock Tan, who took home a 2023 pay package worth an estimated $162 million.

At the top of the AP data was Broadcom Inc.

CEO Hock Tan, who took home a 2023 pay package worth an estimated $162 million.

In addition to the widening gap between employees and CEOs, the survey also highlighted the persistence of gender inequality.

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The highest paid female on the list was Lisa Su, the CEO and chair of the board for Advanced Micro Devices, with a total compensation of $30.3 million.

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The highest paid female on the list was Lisa Su, the CEO and chair of the board for Advanced Micro Devices, with a total compensation of $30.3 million.