OTTAWA—Canada’s top corporate earners put more in the bank over the first few dozen hours of 2018 than most Canadians will all year.
According to the latest report from the Canadian Centre for Policy Alternatives (CCPA), Canada’s 100 highest-paid CEOs will earn approximately 209-times more this year than the average Canadian did in 2016, or an average of $10.4 million compared to $49,738 for an average worker.
In other words, compensation for the country’s top business leaders eclipsed the average Canadian’s annual income by 10:57 a.m. Jan. 2.
The CCPA says the figure is up eight per cent since last year and marks a new high since the 2008 recession. Meanwhile, with $15 minimum wage emerging as a major issue across the country, the left-leaning think tank criticized CEOs for taking home record earnings while decrying minimum wage increases.
“CEOs are making 316 times more than someone who makes fifteen dollars an hour,” said CCPA Senior Economist, David Macdonald. “If shareholders can afford this year’s CEO pay hike, they should absolutely be endorsing higher wages at the bottom as well.”
Three female business leaders made the CEO top 100 in 2016, up from two the previous year.