The screenshot taken from the website of Fortune shows the report it posted on July 18, 2022, titled "One thing is beating inflation in this economy: CEO pay." (Xinhua)
"It's another version of 'more for them and less for us,'" AFL-CIO Secretary-Treasurer Fred Redmond said during a call with the media on Monday to unveil the report.
NEW YORK, July 19 (Xinhua) -- Amid decades-high inflation in the United States, worker wages are failing to keep pace with the rise in everyday expenses, but CEOs have not felt the same brunt, reported Fortune on Monday.
Among S&P 500 companies, CEO pay rose 18.2 percent in 2021, far outpacing the U.S. inflation rate of 7.1 percent last year, according to a report from the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the country's largest labor union federation.
Meanwhile, U.S. nominal worker wages grew only 4.7 percent over the same period, meaning their buying power fell 2.4 percent.
"It's another version of 'more for them and less for us,'" AFL-CIO Secretary-Treasurer Fred Redmond said during a call with the media on Monday to unveil the report.
"And it comes at a time when working people's living standards have declined with every increase in the price of food, rent, and gas," added Redmond. ■
