24 March 2005
CEOs Set 5 Per Cent Pay Rise Trend
Chief executive officers are setting the trend for many workers with their on average 5 per cent pay rise, Council of Trade Unions president Ross Wilson said today.
The Sheffield 2005 Chief Executive Survey shows CEO pay went up on average 5.2 per cent in the past year – the same as the increase in 2003. The median total remuneration for CEOs is $240,165, according to the survey.
Private sector wages went up on average less than half the rise of CEO salaries, Ross Wilson said.
“Private sector wages went up 2.4 per cent last year. Inflation went up by 2.7 per cent, so many workers’ wages are not meeting the cost of living,” he said.
“But we hope the CEOs’ pay rise sets a precedent for a minimum 5 per cent rise across the workforce.”