Apple's CEO Tim Cook outearns employees 1,447 to 1

[Resurgence]

According to an official statement filed with the SEC last week, Tim Cook’s job of leading the world’s most valuable company paid off handsomely in 2021. Cook, who succeeded Steve Jobs as Apple CEO in 2011, saw his pay package swell to $98.7 million last year, mainly thanks to a stock award worth $82 million at the day of the grant. As Apple notes in the filing, the company’s median employee’s total compensation was $68,254 in 2021, leading to a staggering CEO-to-worker pay ratio of 1,447 to 1. Without his stock award, Cook would have outearned his employees 240 to 1, which is still sizeable but actually below the S&P 500 average.

According to the latest Executive Paywatch report, published by the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the average CEO-to-worker pay ratio at S&P 500 companies was 299 to 1 in 2020, making Tim Cook’s latest paycheck stand out even among fellow CEOs. There’s growing criticism of the ever-widening gap between CEO compensation and regular worker pay.

Data compiled by the Economic Policy Institute shows that inflation-adjusted CEO pay at the largest 350 public companies in the United States grew by 1,322 percent between 1978 and 2020. In stark contrast, real wages of production/nonsupervisory workers grew by just 18 percent during the same timespan, raising questions as to whether workers are getting their fair share of the value they help create.







https://www.statista.com/chart/26560/ceo...pay-ratio/

[dueda]

Does that "median worker" include the off-shore and third party indirect employees (India, China, etc) ? I get it doesn't.

[Resurgence]

Does that "median worker" include the off-shore and third party indirect employees (India, China, etc) ? I get it doesn't.

No it doesn't.

Most assuredly, the Foxconn workers in China and India are paid a pittance to produce Apple's exorbitant goods.


Here is a recent article illuminating the situation at one of Foxconn's India plants...



Foxconn India iPhone plant restarts production after labor protests

Published: Wednesday, January 12, 2022



Apple supplier Foxconn on Wednesday restarted production at its plant in southern India, a company official said, about three weeks after it was closed due to both a mass food poisoning and protests over workers' living conditions.

The company official, speaking to Reuters on condition of anonymity, said the factory reopened with one shift and 120 workers.

The plant, in the town of Sriperumbudur near the Tamil Nadu state capital of Chennai, employs about 17,000 people but was closed on Dec. 18 after 250 workers fell sick with food poisoning, igniting protests.

The official said it will take two months for full production to resume.

Apple had announced December that it placed the plant on probation after protests, as it was found that some remote employee dormitories and dining rooms did not meet required standards.

Reuters had reported on December that Foxconn as well as 11 of its contractors, including those who provide food and living facilities, were summoned for a meeting with the state government and that officials had asked Foxconn to review services provided to the workers, including power backup at the hostels, food and water.

The impact on Apple from the closure of the plant, which makes iPhone 12 models and has started trial production of the iPhone 13, is expected to be minimal, analysts have said. But the factory is strategic in the long term as Apple tries to cut its reliance on China's supply chain amid trade tensions between Washington and Beijing.

Apple has long faced criticism about the treatment of workers at its partner factories in China, particularly after a spate of suicides at the industrial park of Foxconn in Shenzhen in 2010.



https://www.dailysabah.com/business/tech...r-protests