According to a new website sponsored by the national AFL-CIO, the average New Jersey-based corporate executive commands a pay of $5.65 million per year, outpacing the average in-state employee’s salary of $46,825 by 121 times.The site, paywatch.org, claims that when compared to minimum wage workers, New Jersey CEO’s make 331 times more.
Nationally, corporate executives make 331 times more than average workers and 774 times more than those earning the federal minimum wage of $7.25 per hour.
State AFL-CIO president Charles Wowkanech said the numbers indicate a growing pay disparity between executives and average employees in New Jersey.
“What these figures show is a recovery that is only rewarding the very rich at the expense of everyone else,” Wowkanech said. “The middle class is disappearing and it’s because corporate profits are going into the hands of a very limited few rather than rewarding the work force that actually created those profits.”
Though New Jersey has a greater executive to average worker pay disparity those of Pennsylvania and Delaware at 113-to-1 and 100-to-1 respectively, New York’s ratio of 138-to-1 is higher.
“This should be a wake-up call that our economy is out of balance,” Wowkanech said. “We must restore economic power to those who actually make businesses run: workers.”
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