Why is CEO pay skyrocketing as Canadians struggle? | About That
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- Опубликовано: 3 янв 2024
- Canada's highest-paid CEOs make 246 times what the average worker earns, according to a new report. About That producer Lauren Bird looks at CEO compensation and the impacts of profit-sharing, stock options, bonuses and even inflation on the widening pay gap between executives and most employees.
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Getting fired after making 16 million sounds like winning the lottery.
Problem with this report is it fails to mention even when CEOs are fired they don’t end up at a soup kitchen. CEOs make sure they receive a more than comfortable exit package to matter in what state they leave.
The golden parachute Ofcourse
They didn’t mention it cause they don’t want to piss off their ceo’s😂
Even a one year of work they, are set for life. Exit package or not, they are well off. But we all know, the rich keeps on getting richer and the poor getting poorer. This is what happens in a open economy. But that is only a small picture, this only covers Canada, what are the CEO's around the world get?
Agreed, I could retire with my wife and ensure my kids never have to work on the one year average take-home of a CEO.
When CEOs get let go they also get massive packages so even when they’re let go they win.
This video could be cut by 8 minutes. Why are ceos making so much money? Greed.
And a lack of fear.
Political corruption and lobbying plus institutional investment and shareholder and membership priorities.
Or supply and demand. But ok
In order for a casino economy to run effectively, it is imperative that the a great share of the people be meagerly paid, as if they were well compensated, they would upgrade their knowledge and seek to overcome regression at the root, which would cause a loss of position to those who have held such for generations. It's too much for those who are driven by evil to promote true fairness, it is such a painful thing for them, that they have to make videos such as these to show forth the illusion of promoting fairness, so that they can say 'hey we are promoting fairness'. And yes they are but only the idea of it, not in itself. Thus it is key to know the source of fairness itself, of whom is King Yeshua, the Savior of mankind, The Most High who created all
The fact that the average Canadian needs to essentially work for 246 years to make what a CEO makes in a single year (!!) is unfathomable... Comfortably retiring just feels like more and more of a pipe dream
Retiring AT ALL is sounding like a pipe dream.
Our economic system is blatantly unbalanced.
Vote conservative
@@Runco990Truly a concerning future
@@theracer6882 Like that's going to work
It's greed...it's global!
This is getting ridiculous the government needs to do something about this before it gets worse
The government 'doing something' is about the worst idea of them all. Want to make something worse? Get government officials involved.
Why would they do THAT? They are in the same CLUB!
Who else can do anything you thing the bank merge is going to help this.
The government works for them
"I crashed the car so I should be the one to design the next generation of airbags" - Trudeau@@FirstName-rt9uf
the answer is : Greed
I live in the cheapest province in Canada. Unlike people fleeing here from Ontario, I can't just "move somewhere cheaper", yet we're being gentrified by people fleeing their own housing crisis. They're coming here and buying up as many homes at they can, because they can sell their smallest property back home and now afford just about any house we have on the market. It's not uncommon for homes to sell over 100K over asking. They're not just buying them to live in, but buying them to rent out for disgusting prices. They're buying up apartment buildings left right and center, and even your smallest most run-down apartment can set people back at least $1800 a month with nothing included, whereas those units cost $700 before. There are zero rent caps or protections for renters either, and landlords got greedy so your average rent increase is around $500, and there are multiple of them a year. Only renting month-to-month, so they can legally do so. Many simply opt to just evict everyone with the excuse that they "want to move their family into the property", which is a lie, because the same apartments with no improvements are flipped on the market for over double. Our homeless population has skyrocketed and everyone who doesn't own a house is one bad increase away from being on the streets.
People who struggle to even eat a single meal a day are told that they "make too much money" to get GST, and many of them are even told that they still OWE money every tax season. There's a rich family here that basically owns the entire province, and they hardly pay a dime in taxes. They make sure to have small "1 service a year" churches on all of their properties to be fully exempt from taxes. They use loopholes to get around all others by marking things as "charity", when no real charity happens. If you speak out against them, you will find yourself legally blacklisted. Yet people like me are told WE make too much money.
At this point I'm just tired, and I've given up on change.
Vote for radical change. After all, what's there to lose at this point.
This underscores how much of a myth it is that our system is a "meritocracy". Luck matters. Also brings to mind the question, "do we actually have a labor shortage" or are business owners seeking to maintain low wages that don't even keep up with inflation by importing cheap, disposable human capital?
This. Luck/nepotism/corruption especially the higher you go up the ladder 👆🏼
It's more like your grandpa's luck mattered.
Time for us average folks to take back what belongs to us
💯💯💯
Which is?
Many of these CEO's act counter to their communities by laying off a lot of workers while making profits and taking advantage of monopolies to squeeze customers who have few other options. And if **that** is what "competitive" means in this global market, then maybe cooperatives should be taken more seriously.
Many cooperatives bend the knee to corporations like Walmart as they are superior if more economical distributors. If coops want to be taken seriously, they should be revising their vetting processes as a start.
To me, this focuses on the wrong things... private corporations are free to pay their top executives whatever they want. It's a free country.
What we SHOULD be asking is why these corporations and wealthy executives aren't paying more in taxes? Clearly, it isn't because they can't afford to pay.
Maybe, just maybe, instead of whining about how rich they're getting, we should be ensuring that they are actually giving back to the people making them rich.
OR we could stop paying the companies more than their product is worth. Obviously, if the companies are able to pay their CEO's tens of millions of dollars per year, we as consumers are overpaying for their products/ services.
We need to hold ourselves accountable, too, not just blame everyone else....
What a wonderful piece of news for Canadians just 4 days into the new year. Happy new year, Canada!
You'd think shareholders would look at the amount of money CEO's are taking and have to wonder what in the world, what sort of value, they're getting for it?
they're all making money hand over fist on consumer's backs
It is also worth point out that you could replace 1 CEO with 246 average workers. If you cut that in half the people and double the wage then you'd have 123 very experienced workers or educated workers with experience. The only fathomable difference would be who that CEO knows, as 123 educated with experience people produce more work than that single CEO. There is almost no fathomable way these CEOs are worth what they are paid.
These ceo's should not make more than doctors , most do nothing to earn it. Their teams and employees do their job for them.
Yes they should. They have organizational acumen.
I’m not one to accuse the government of things but, I’m sure they could be doing something to boost wages and lower cost of living for the working class…
Why would they when they get paid by corporate behind the door
LOL. High taxes and government over-regulation are the reasons for the high costs of living.
Thank you for focusing on stories like this.
I mean sure but you guys picked the top 100 ceos of the biggest businesses in the country lol. The overall average CEO probably makes exactly as much as the average worker. It's also a hard job, try starting a business and paying yourself 15M tomorrow lol; everybody is a CEO technically.
Well I've been telling folks we've entered the 2nd Gilded Age... Now the question is, will we seize the means of production the way our ancestors did back then?
Bla bla bla, lots of stats, not much of the substance the title suggests🤦♂️
Is there a direct correlation between executive compensation and food bank line ups?
Louisiana Pacific CEO saved a million bucks by shutting PVOSB down in FSJ BC. Had to start back up 1 year later, because they were losing too much money by not running. They just wanted to force the government to drop fiber costs (cost per tree /stumpage fees) His annual bonus is over 10 million. Annual Revenue is 2.8 billion. Canadian government had to step in with EI and support services. Worker turnover rate was far higher than the CEO's. No one needs 5 degrees to do that job. That's another bar created to separate the rich and the poor.
I always wondered why we supervisors weren't given a bonus at year end but our bosses did. How did our bosses meet their conditions for bonuses but we mere supervisors did not when we were the ones in the field ensuring deadlines and quality were sustained?
its sad they continue to make more each year while there customers are going to food banks, the government should regulate grocery stores to the usage of food-banks, and the type of people who are using them. they should get fined if the food bank usage continues to increase so the food banks can feed those people the grocery chains cannot do. the local shops be fine its the major companies that have the monopoly should bare that responsibility its there greed and they are making the inflation happen to some degree, the extra costs they put into the store like security following customers around and systems that make the customer feel like a criminal the best option would be to lower the costs so people don't feel like they have to go to extreme lengths to feed themselves and families. on top of that the health consequence people are facing by choosing more unhealthy options that can be high in processed foods and salts and preservatives in food because its what they can afford but eating that way for long periods of time will lead to health problems and even mental health problems
CFO at previous job gave herself a 13% increase and everyone else's pay was frozen (thus decreased due to inflation) during the pandemic.
CEOs have very important role, deciding salaries & compensation for everyone, including CEOs. Whaddya expect?
Kinda like a family doctor? So what.
Wow. This is really rich coming from the CBC. Laying off employees as your ceo and other execs take huge bonuses
Great to see this getting covered by CBC, would also like to see coverage/justification of Catherine Tait and the rest of the CBC execs total compensation and CBC's hard lean into staffing with contract and temporary employees (approx. 25% of staff last time I checked). Ironic that the Canadian Broadcasting Corporation affords so little job security to the people that make its content.
The CEOs do not need all that money; it's greed, pure greed.
if you want to decrease prices, improve competition
I’m a mid level retail manager and I can tell you the range of minimum wage and the salary that I make are closing. It’s harder every year for us as well. I can also tell you that i don’t know where they get $60,000 for the average worker because as a manager I don’t even make close to that! I wish I made that
That number is heavily skewed by the small percentage that make waaaay too mich money.
This is a distraction. The loss of our wages and buying power is due to government deficit spending, not corporate greed. Our wages are the last thing to adjust for inflation.
CEO's aren't the ones who added billions of dollars to our economy. CEO's aren't the reason that commodity and asset prices were bid up. Don't forget that the media was running stories not long ago about the "wage inflation spiral", trying to scare us into not asking for raises. Never forget who's side they're really on.
I am working for a bank. I disagree to high paid bank CEO. BankING business is quite mature and could be mana by an army of professionals with effective top managers of different business groups. I don't believe CEO can add too much value to it.
So if they appointed you to be the CEO of your bank you'll refuse the promotion or outright reject the high salary and benefits
This is probably the dumbest thing I heard. Yeah, it's insane how much CEO makes but you cannot deny the impact CEO makes. Read about what happens when you have a bad CEO (eBay and Yahoo).
It's completely normal, why everyone is dumbfounded with inflation problem that you are questioning CEO pay, do you even have slightest idea how hard their job is and what pressure do they go through? Stop the envy and convince your government to stop printing money. Government and people are the problem, we as a country decided to print a hell lot of money, and how dare you think it was a free money?
45% of canadians make 35k net a year. 30% are making below poverty line (20k below)
those making 60k+ net are a little over 20%.
those in the remainder 5% make anywhere from 100k net to infinity.
Exactly! Thank you for saying the true numbers. The AVERAGE is 25-35k. Not 60k. If most Canadians were making 60kplus net we wouldn't be in a cost of living crisis like we are at the moment. There's no way in hell the "average" is 60k when min wage is 16.65.
@Arcilios Sorry, but you're not understanding what is meant by an "average". Since the Canadian average is 60k/year, that means many Canadians make far lower than 60k and some earn much higher salaries. It all averages out to 60k by anyone's measure.
Where are you getting these stats? It doesn't look anything like that on government statistics .
@@John.F_Kennedypeople can’t rely on government stats. Anyone who hires a consultant for stats or projects will tell the consultant what results they want and the consultant will ask questions and collect information and even interpret results of surveys to reflect outcomes needed. Anything can be interpreted anyway pending specific questions asked.
Even in non profits, which is disgusting #sunshinelist
cool.
Tait is the president and CEO of the CBC. She is paid a salary of between $422,600 and $497,100 per year and is entitled to a performance bonus of up to 28%
Too me that is a lot of money. If you watched the video you would realize this is chump change for CEOs
@@robertlawson7329 I agree but the thing is cbc gets over a billion dollars from tax payers
@@robertlawson7329 this is our tax dollars not some private or public traded company.
What about we talk about what a politician makes
And as of 4/1/2024, Justin Trudeau will make more than 400K a year.
1:34, can you explain how the CEO of RBI makes less than the Chairman? And why does a Chairman make 152 million in a year?
Hahaha the message is clear "don't expect CEO to make any less than they make now" 😂
Compensation is not salary. If Gov't policy created more competition among industries there wouldn't be as many (or as few) CEOs collecting such compensation as there'd exist many sharing the same pie versus more conglomerates
As a blue collar worker, I would love to get paid millions of dollars like these guys in the private sector who spent years in school and colleges studying hard and then spent weekends after weekends achieving working towards their goals and going after their dreams.
Yes totally just because a company like Nova Scotia power that has to put up rates and lost money while providing terrible services doesn’t mean the ceo shouldn’t have his dreams come true!
Perfect example: Catherine Tait, CEO of the CBC is paid an annual base salary over $400,000 per year, Guess who pays her salary? Us. Taxpayers. Taxpayers who more than ever are living payceck to paycheck, lining up at food banks, and will be facing foreclosures of their homes this year as they struggle to make ends meet. If this government funded corporation isn't making money, is laying off 10% of its staff, and needs bailouts why are the highest execs still taking home more and more, making this kind of pay? #defundtheCBC
That's b.s Canadian CEOs are small pay compare to USA CEOs .. just incase you didn't know.
Exactly. Canada's tax system does not really allow for millionaires or billionaires.
Does that include the CEO of CBC? Or the executives that got bonuses while CBC laid off 600 people.
You guys can buy lots of shares and vote for the CEO to have a lower bonus. Not sure if you would want that tho
This is our reality now folks. We have crept back to the good old days for these good old boys.
I have one word for the rich, "Customer". You think they hide that money in some vault, or reinvest it? I'd rather have a rich person invest than Justin that thinks budgets balance themselves or admits he doesnt pay attention to monetary policy.
You think the gov will stop with rich people? They will keep lowering the bar until Justin comes for your pay.
The risk of losing one’s job does not justify a one year income that would allow the average Canadian to retire! Skilled jobs are also becoming more competitive expecting Masters and Doctoral degrees just to get through the resume screening process so that is a bogus excuse.
CEO’s continue to rob their workers to pay themselves, their board and their largest shareholders! Even after the Nortel bankruptcy scandal, they continue to find a way!!
Why is the head of the CBC, which is failing in revenue, paying such a high salary and bonus to its own CEO? Other companies have to show profits. What do you show?
They should make their goods and services cheaper instead of getting pay raises they don’t need
Why would a CEO care about getting fired if they can make $14M in ONE YEAR
Reasonable CEO pay should be capped at 4x the minimum wage. Pretty sure the ancient Greeks thought the same and they fought hard to eliminate what they called tyrants and we call CEOs…
It's silly that this video doesn't consider solutions... It literally ends by making you feel things are hopeless and will never change or can't. I guess that's the news for you. And yet I remember hearing that in Germany or maybe it was just VW, they have workers represented on the board or some council, which helps balance out how C-suite pay is done. Seems like a good idea to me. You know? To have workers' best interests represented at that level? Why not report that here? Just to make us feel hopeless.
Wowwwww
...one Toronto CEO is deferring his $300,000 salary, just to help keep his Junior Mining company afloat...
You guys get bonuses?? 😢
Well dr robert strang made 400k a year in novascotia during the covid 19 pandemic while my job as a chef was shut down! While McDonald's walmart and the liquor store stay open! Thanks for the tent dr robert strange novascotia toooop doctor 😊
They need this money. Do you know how much gas costs for a Ferrari?
Duck unlimited is a nonprofit organization and yet there are CEOs that raked millions of dollars. This got to stop.
lol this is chump change compared to how much the CEOs' bosses make (Board of Directors). I wonder why news casters/reporters complain about CEO pay, maybe it's because if they complained about board of directors, their own Board of Directors might give them the boot for shining light on them lolol; though, I do think it would be nice if companies paid their employees slightly more.
It does make sense that CEOs are extremely specialized individuals; clocking into a minimum wage job for 8 hrs versus some CEOs who are technically on the clock 24/7 for most of the year...so yeah, the value of someone waiting for customers versus running a mega corporation lol
The one who whine, is not the one who pays.... Weird if you rant about how much I pay my employee
Because absolute power corrupts absolutely.. People need to stop supporting this and become social media influencers. Work for yourself, not for others! We need the Robin Hood mentality to prevail in Canada 😂
And ensure future poverty when you run out of other people's money to steal under the guise of social justice.
CEO are not worthy to get so much money
According to who?
The bank's share price does not necessarily reflect CEO's values. It could be just favorable market conditions.for example, when the interest rate is low,it boosts mortgage business. It is not relevant to CEO's contributions.
This video is proof that the Liberal/ NDP coalition isn’t addressing this issue. No matter what fancy words spill out of their mouths. If they were this video wouldn’t exist. Time for a change, now.
Yes, since when do we pay the people that do the LEAST work to MOST money???? And they are NOT "Top Talent".
Replace the with A.I. ...
Oh boo-hoo they get fired and only have MILLIONS OF DOLLARS to wipe their tears. Lock them up.
A ceo works 40 years to get to the top why hate on that
Easy…greed…they are morally corrupt…selfish…the fact that Weston can price gouge consumers isn’t surprising.
Why is this news with all that is going on in the world?
The Prime Minister is responsible equally as the CEO. The typest earns only 60000 per annumn as an earned income the real money comes from participating in the corporate OCR. Thise who participate in the geographical OCR only make that old CEO salary if 240000 per annumn. The scoop of their responsibility and authority dictates their pay rate in this second full blown Genocide in our nation Canada
Why was dr robert strang pay was 500k a year while he shut all businesses down except McDonald's walmart and the liquor store 😊
Cuz we vote for parties that enable this?
if they lost their job after a year they would have enough to never have to go to work again
This is the first time I have ever been disappointed by a show in this series. It spent most of its time justifying why people who can afford to go to post secondary education for a longer time should earn such extravagant amounts of money. Those same funds could instead be used to ensure that all of the employees who are generating income for the company can afford to eat and keep a roof over their heads. Employees are more productive when their basic needs are met.
How much does CBC's CEO make ???
$459 100.
Gaslighting
Disgusting. Thay literally earn as much as 50 thousands kids in african mines. And later they even do not pay taxes.
Andrew, your voice is awfully feminine today. very calming for a friday. be well.
Why does the rich get richer, why are they are not being paying A NEW TAX LEVEL .. CANADIANS TIME TO LOOK AT THE THEIVIES WHO ARE MAKING MILLIONS .. TIME TO TAXES THEM
How much does the ceo of cbc make?
socialism is a path to powerty
I listened to the CEO of ATCO talk to "her" employees. Alot of CEOs are not competent people they were handed the position. Nancy was clueless as to what her employees did for the company. Have another drink Nancy.
so sell your atco shares, and it doesnt affect you any more.
@@ryanhubble2518 No I am an Albertans. Alberta taxes go to companies like ATCO to operate the Alberta owned assets . It should bother everyone who lives and works in Alberta and even Canada.
@@Headinavise so the problem isnt atco paying its employees what it does, but rather the government taking your money.
@@ryanhubble2518 Don't follow what you are saying...at all. Have a good day.
failing upwards, the great society we have.
i do not hate the super rich, we should probably tax them more but they have their fingers in everything
This isn't anything new. We only feel it more now under these circumstances. That's capitalism for ya folks
What kind of dumb analogy you’re talking about there’s only one CEO appointed for a company and people who get those jobs are highly skilled and have specific experiences in related industries. These people aren’t short of opportunities and to have them in the company you need to pay them according to global market standards.
I’m aware of Canadian costs of living crisis but that’s mainly an outcome of government policies of high influx of migrants may it be through refugees, international students or investment visas all contributing to imbalance in demand and availability. Secondly during COVID the government printed money and distributed it in the economy leading to excessive inflation which they’re trying to control doing interest hikes!! Total mismanagement and lack of long term evaluation of the consequences of the decisions are all contributing to economic crisis in Canada
Yeah plenty of CEO jobs haha. Then Canada printed a bunch of money and caused inflation not only in Canada but the whole world! In both left and right wing governments Wow the power Canada has!
It's called capitalism, we love it because we delude ourselves thinking that one day we will be the CEO.
Better than socialism and deluding ourselves to think that the people in charge have anything in common with the average person.
shame . justin T need resign
Beloved capitalism?
Tired of these skids acting like the government would ever do something about this… better yet, even if they manage to increase their tax share, you and I will never see a penny of it, not even in social programs 👍
It’s called crapitalism.
It’s called theft
Feel free to move to Venezuela
@@stevedeweert5581 typical lazy response. “You hate what capitalism has become so you must be in favour of socialism”. Just because we hate how unbalanced and unfair the capitalistic framework has become does not mean we favour socialism. Capitalism can run smoothly so long as we rectify holes in the system which allow too much wealth to pool into only a few pockets while reducing the quality of life for those who actually generate that wealth. Crony capitalism is not a sustainable system and will collapse in on itself sooner rather than later.
Still beats socialism where the government is the CEO.
You will own nothing and you will be happy
Ferment class warfare. That is what CBC does. What does an average CBC journalist make? I dont grudge CEO's what they make. Why not talk about our failing schools which teach kids more about social justice than math and science which helps to get better paying jobs. How much does the management of CCPA make as compared to their average employee
How much does Taylor swifts back up dancers get paid vs Taylor Swift? Maybe see the pay equity there too if you’re so concerned