Pay inequity between workers and CEOs grew in 2020 to an average 299-to-1 pay ratio, according to the AFL-CIO Executive Paywatch report released Wednesday.
The Executive Paywatch searchable online database of CEO pay found that CEOs of S&P 500 companies averaged $15.5 million in total compensation in 2020, an average increase of more than $700,000 over the previous year.
The average CEO-to-worker pay ratio of those companies was 264-to-1 in 2019.
The average CEO pay increased 5% and the disclosed median employee's pay at the same companies increased by 1%, according to Executive Paywatch.
On a call with reporters, AFL-CIO Secretary-Treasurer Liz Shuler dismissed the executive salary reductions announced during the COVID-19 crisis as lip service.
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