The Canadian Centre for Policy Alternatives (CCPA) reported that Canada’s 100 highest-paid CEOs now make 246 times what the typical worker earns – breaking last year’s record of 243 times the average worker’s pay. One CEO, Hosni Zaouali of ConnectED Labs, said that the highest salary at his company is “never 10 times higher than the lowest salary.” The CCPA also reported that CEOs are paid through bonuses, which go up due to inflation, but average worker pay is struggling to keep up with inflation.
Lana Payne, the union leader, supports measures such as improving and expanding access to collective bargaining rights for workers and raising the minimum wage to reduce the growing inequality. The CCPA suggests implementing higher top marginal tax brackets and a wealth tax on the rich to reduce the pay gap.
Economist Vincent Geloso argues that CEO compensation studies are flawed and fails to include other forms of employee compensation like benefits. He also argues that CEOs receive high pay for possessing unique skill sets that are in demand. He suggests that raising wages isn’t the only solution to income inequality but rather making changes to worker rights and the tax system.
Read the full article by Canadian Centre for Policy Alternatives for more detail.
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