AP: Top CEO pay equals 3,489 years for typical worker

The wage gap in our country is disgraceful. It is a moral, ethical and spiritual outrage…

Proverbs 22:16

“He who oppresses the poor to increase his wealth and he who gives gifts to the rich—both come to poverty.

WASHINGTON (AP) — David Simon of Simon Property received a pay package worth more than $137 million for last year, and the typical CEO took home $9.6 million, according to an analysis by The Associated Press.

Here are some ways to think about just how much money those salaries represent.

Simon’s $137 million is almost entirely in stock awards that could eventually be worth $132 million. The company said it wanted to make sure Simon wasn’t lured to another company.

HOW LONG IT TAKES OTHERS TO MAKE THAT MUCH: A minimum wage worker — paid $7.25 per hour, as some workers at Simon malls are — would have to work one month shy of 9,096 years to make what Simon made last year. A person making the national median salary, $39,312 by AP calculations, would have to work 3,489 years.

BY THE HOUR: Assuming Simon worked a 60-hour week, his pay was $43,963.64 per hour, or $732.73 per minute. To put that in perspective, the minimum-wage worker would have to labor for nearly three years to make what Simon earns in an hour. The average U.S. worker makes slightly less in one year than Simon makes in an hour.

Full article: http://hosted2.ap.org/APDefault/*/Article_2012-05-25-CEO%20Pay-By%20the%20Numbers/id-d0c24003c3794de0afea402062f50d2b

2012-08-24T01:59:38+00:00

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