In 2021, the average worker saw pay decline after inflation, but the average CEO saw a huge gain as corporate profits soared.
Canada’s 100 highest-paid CEOs made an average of $14.3 million in 2021, surging past a previous record of $11.8 million set three years earlier.
David Macdonald, senior economist at the CCPA and the report’s author, crunched the numbers using compensation disclosures from documents filed by publicly traded companies on the S&P/TSX Composite index as of June 2021. He turned to Statistics Canada for the average worker’s pay in 2021. In 2021, when rising prices became more widespread, average workers saw their pay decline by two per cent, after taking the effects of inflation into account.
The next highest-paid executive in 2021 received total compensation of $43 million. But Macdonald maintains that the Nuvei figure is not an outlier because it’s actually the third-largest pay package that he’s seen in the history of tracking CEO pay packages.
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