Local 945: WSU (Winona & Rochester) & Southeast Technical College (Red Wing & Winona)

CEO Pay Keeps Climbing

Did you get a 15.6 percent pay raise last year? Well, that’s what CEOs at America’s biggest corporations got in 2014.

S&P 500 corporations paid their CEOs an average of $13.5 million last year, according to the AFL-CIO’s annual Executive Pay Watch research. That’s $6,490 an hour.

It terms we can get our heads around, it means the average American worker has to work all year to make what the average CEO makes in 6 hours. Overall, CEOs at America’s top publicly traded corporations make 373 times what the average American worker makes.

Minnesota pay is higher

In Minnesota, average pay for CEOs at big corporations is even higher – $13.9 million. Looking for a silver lining? Because wages in Minnesota are higher overall, our CEOs make “only” 304 times more than the average Minnesota worker. That means Minnesota CEOs have to work almost 7 hours (not just 6) to make what an average worker makes all year.

Minnesota’s highest-paid CEO is Brian Cornell of Target; he pulled in almost $28.2 million in 2014 – or $13,540 an hour.

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