The year was just hours old when the 100 highest paid chief executive officers had already pocketed what will take many workers the rest of 2007 to earn, according to a study by the Canadian Centre for Policy Alternatives (CCPA).
The study found that by 12:13 p.m. on New Year's Day, Canada's 100 highest paid CEOs had earned in total compensation the equivalent of what Canadian minimum wage workers are likely to earn in all of 2007.
By 9:46 p.m. on January 2, Canada 's 100 highest paid CEOs had earned, on average, $38,010 in pay, according to the CCPA's study.
"That equals the average annual earnings of workers in Canada," says Hugh Mackenzie, research associate with the Canadian Centre for Policy Alternatives (CCPA). "And it will take them all of 2007 to earn it."
Mackenzie says that by 6:00 p.m. on January 2, the country's 100 highest paid CEOs had pocketed nearly $70,000. The highest paid CEO had already earned more than $570,000.
"If time is money, are Canada's 100 highest paid CEOs really worth more in a day than most Canadian workers are in a year?" asks Mackenzie.
Source: Canadian Centre for Policy Alternatives