Income Gap Growing Again

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    Canada’s 100 highest paid CEOs made 195 times more than the average Canadian worker and 237 times the average Canadian woman, says the annual CEO pay review by the Canadian Centre for Policy Alternatives (CCPA). The review finds CEO pay in Canada has rebounded to its pre-recession glory days. Canada’s highest paid 100 CEOs pocketed an average $9.2 million compared to the average Canadian income of $47,358. The last time CEO pay was this high was in 2007 when the average for the highest paid 100 CEOs was $10 million. The report also says that while only 11 per cent of employees in Canada’s private sector belong to a defined benefit pension plan, 43 of the top 100 CEOs have a DB pension plan worth an average of $1.39 million a year. In addition, 75 of the top 100 CEOs received stock options as part of their pay package, worth an average of $3.16 million. It concludes that it is time to consider simple tax measures that provide a much more effective approach to closing the income gap in Canada.