Millions for bosses, peanuts for workers: CEOs pay went up by 50% – 56 times more than workers

Apparently, it is a great time to be a CEO but not so much for anyone else as average CEOs’ pay skyrockets to new heights while employees are left grappling with rising costs of living.
A recent report by Oxfam released on International Workers’ Day on 1 May revealed that the average global CEO now earns $4.3 million a year, which is a staggering 50% real-term increase from $2.9 million, in just 6 years from 2019 (the figures are adjusted for inflation). In stark contrast, the average worker’s wage has risen by just 0.9% over the same period in countries where CEO pay data is available.
These figures, taken from almost 2,000 companies across 35 countries show how CEO’s pay, aided with a bouquet of bonuses and shares, is growing much faster than what workers earn or what things cost.
“Year after year, we see the same grotesque spectacle: CEO pay explodes while workers’ wages barely budge. This isn’t a glitch in the system — it’s the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food and healthcare,” said Oxfam International executive director Amitabh Behar.
Billionaires, many of whom own major shares in the corporations they lead, have seen their fortunes swell even further. Over the past year alone, they pocketed an average of $206 billion in new wealth, equivalent to $23,500 every hour, more than the average annual income of a worker globally.
India
India’s average CEO salary stands at $2 million in 2024, while in Germany and Ireland, the figures climb even higher at $4.7 million and $6.7 million respectively. In South Africa, the average is $1.6 million.
On the other hand, in 2024, workers in India (in the Delhi NCR region), needed to have Rs 32,565 for a decent living for a family while the living wage per month stands at Rs 22,696. This income is also subjected to a series of payroll deductions and taxes, leaving it at a mere Rs 21,411, leaving the employees to live paycheck to paycheck and figure out how to make up another Rs 10,000 to survive the month. These figures for family living expenses and net living wage stood at Rs 32,276 and Rs 21,221, respectively, according to a report by Anker Research Institute.
Persistent gender gap
The report also shed light on the persistent global gender pay gap. Out of 11,366 corporations across 82 countries found that the average pay gap between men and women narrowed slightly from 27 per cent to 22 per cent between 2022 and 2023. Yet, on average, women still “effectively work for free on Fridays”, while their male colleagues are paid for the full week.
Japan and South Korea recorded some of the widest gender pay gaps at around 40 per cent, while Latin America’s average rose to 36 per cent. In the UK, Ireland, Denmark and Canada, the average gap was reported at 16 per cent.