Ohio CEO Pay Soars While Worker Wages Lag, New Analysis Reveals
A recent analysis by Policy Matters Ohio has unveiled stark disparities in pay between CEOs and their employees at the state’s 50 largest employers. The report, which examined Securities and Exchange Commission filings, indicates that CEO compensation in Ohio has reached a median of $14.9 million, representing 308 times the median salary of $54,857 for typical employees.
Heather Smith, the report’s author and a researcher at Policy Matters, highlighted the troubling trend of income inequality in the state. “While CEOs enjoy the fruits of their employees’ labor, many workers can hardly afford the basics,” Smith remarked. This year, 66% of the surveyed companies paid their CEOs over 200 times more than their median employees, with almost all CEOs receiving salaries exceeding $5 million and 40 receiving more than $10 million.
The analysis noted a contrasting situation for workers, who saw a decrease in median pay by 0.45%. Though there was a slight overall increase of $1,536 for median workers from 2022, CEO compensation surged by nearly 20%. The pay gap, which widened from 273 times higher in 2022, underscores a persistent issue of income inequality that affects about 495,000 Ohio workers.
Christopher Winfrey, CEO of Charter Communications, topped the list with an astounding $89 million in pay, 1,635 times that of a typical employee at his company. The report underscores the need for policy reforms to address excessive CEO compensation and bolster worker wages.
Smith urged lawmakers to implement stronger union protections, raise the minimum wage, and require employers to issue pay stubs. “Intentional changes” to corporate governance and tax laws are necessary to correct these disparities and ensure fair compensation for all workers in Ohio.
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