Posts Tagged ‘AFL-CIO’

IN-Russell IN-S&P

According to the AFL-CIO Corporate Pay Watch, in the state of Indiana, the 2014 CEO to average worker’s pay ratio was 101:1 (for corporations in the Russell 3000) and 306:1 (for corporations in the S&P 500).

In the nation as a whole, the ratio (for corporations in the S&P 500) was 373:1, which surpassed the ratio for 2013 (331:1)—both of which were much, much higher than the ratio in 1980 (42:1).

The average CEO compensation of Russell 3000 companies in 2014 was $5,504,432. As it turns out, the industry with the highest CEO pay was Tobacco Products ($13,061,671), followed by Railroad Transportation ($12,526,083), Petroleum Refining ($12,502,981), Communications ($10,769,054), and Hotels ($10,058,029).

As for the Security and Commodity Brokers, Dealers, Exchanges, and Services industry (where financial institutions like Goldman Sachs are located), the average CEO pay was “only” $8,102,970—ranging from $105,295 (for Joe Mansueto of Morningstar) to $88,518,411 (for Mario J. Gabelli of Gamco Investors, Inc.).

Clearly, a large portion of the surplus workers create ends up in the pockets (and portfolios) of the CEOs of the nation’s largest corporations.

 

This is AFL-CIO President Richard Trumka [ht: ac], from earlier this year, on the issues of race and class in the United States, including the problems within the history of the U.S. labor movement itself.

It’s a perspective that has mostly gone unheard in the debate provoked by the shooting death of Michael Brown in Ferguson, Missouri. . .

OccupationalFatalities1_1

source

According to Death on the Job [pdf], a new report from the AFL-CIO,

In 2012, 4,628 workers lost their lives on the job as a result of traumatic injuries, according to final fatality data from the Bureau of Labor Statistics (BLS). Each day in this country, an average of 13 workers die because of job injuries—women and men who go to work never to return home to their families and loved ones. This does not include those workers who die from occupational diseases, estimated to be 50,000 each year—an average of 137 deaths each day. Chronic occupational diseases receive less attention, because most are not detected for years after workers are exposed to toxic chemicals.

In 2012, more than 3.8 million workers across all industries, including state and local government, had work-related injuries and illnesses that were reported by employers, with 3 million injuries and illnesses reported in private industry. Due to limitations in the current injury reporting system and widespread underreporting of workplace injuries, this number understates the problem. The true toll is estimated to be two to three times greater—or 7.6 million to 11.4 million injuries and illnesses a year.

North Dakota had the highest fatality rate in the nation (17.7 per 100,000 workers), followed by Wyoming (12.2), Alaska (8.9), Montana (7.3) and West Virginia (6.9). The lowest state fatality rate (1.4 per 100,000 workers) was reported in Massachusetts, followed by Rhode Island (1.7), Connecticut (2.1), and New Hampshire and Washington (2.2).

CEO-worker-2013

According to the AFL-CIO’s latest “Executive Paywatch” report, the CEO-to-average-worker-pay ratio rose last year to 331:1. And the ratio of CEO pay to the minimum wage was much higher: 774:1.

That’s because, in both cases, workers’ wages remained more or less constant while the amount of surplus those workers created that ended up in the pockets of the CEOs of the nation’s largest corporations continued to rise.

As the AFL-CIO argues in their report:

America is supposed to be the land of opportunity, a country where hard work and playing by the rules would provide working families a middle-class standard of living. But in recent decades, corporate CEOs have been taking a greater share of the economic pie while wages have stagnated and unemployment remains high.

High-paid CEOs of low-wage employers are fueling this growing economic inequality. In 2013, CEOs of the Standard & Poor’s (S&P) 500 Index companies received, on average, $11.7 million in total compensation, according to the AFL-CIO’s analysis of available data from 350 companies.

Today’s ratio of CEO-to-worker pay is simply unconscionable.