Posts Tagged ‘Indiana’

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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.

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In 2012, Indiana became the twenty-third state to adopt a so-called Right to Work law. Now, in another blow to unions, it has eliminated its Common Construction Wage system.

A Republican-backed measure that will repeal Indiana’s law setting wages for state and local government construction projects has been approved by Gov. Mike Pence. Mr. Pence, a Republican, signed the legislation Wednesday and said it would allow the free market to determine pay rather than government boards. Supporters estimate that the change will reduce project costs by as much as 20 percent by allowing more contractors to pay wages below union scale. Opponents dispute such savings will occur and say it will open the door for low-paying out-of-state contractors. The repeal takes effect in July.

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