We have the third-highest disparity between CEO and worker pay in the nation, and that’s not good.
The imbalance in Pennsylvania’s economy between the pay of CEOs and working people continues to be a problem, confirmed this year’s AFL-CIO Executive Paywatch report.
The Executive Paywatch website, the most comprehensive, searchable online database tracking CEO pay, shows that in 2019, CEOs of S&P 500 companies in Pennsylvania received, on average, $19,076,211 in total compensation. The average S&P 500 company CEO-to-worker pay ratio in Pennsylvania was 410-to-1. Nationally, CEOs of S&P 500 companies received, on average, $14.8 million in total compensation. The average S&P 500 company CEO-to-worker pay ratio was 264-to-1.
According to this year’s report, the pay of S&P 500 CEOs has increased, on average, $3.4 million over the past 10 years. Meanwhile, during the same period of time, the average U.S. production and nonsupervisory worker’s pay increased just $8,360. From 2018 to 2019, the average production and nonsupervisory worker received barely more than a $1,500 raise, bringing their total pay to $41,442. In Pennsylvania, the average worker pay in 2019 was $46,523.
The data presented is particularly striking given that the COVID-19 pandemic has resulted in the highest unemployment levels since the Great Depression. More than 2 million unemployment claims have been filed in Pennsylvania alone since March.