You'd have to work five lifetimes to make what your boss makes in one year, report shows | CNN Business

📆 04/08/2023 02:58:00
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The gulf between a CEO’s paycheck and their typical employee’s has always been vast. But the advent of AI is already threatening to exacerbate that gap, enriching the C-suite at the expense of their employees, according to a new report from the AFL-CIO.

The average CEO compensation among S&P 500 companies last year was $16.7 million — the second-highest level of executive pay ever, according to the group’s annual Executive Paywatch report. CEO pay fell last year compared to the previous year, said Brandon Rees, the AFL-CIO’s deputy director of corporations and capital markets. “However, it didn’t fall nearly as much as stock prices fell, at which is the CEO’s favorite yardstick for measuring their own performance.

The bot battle Among the biggest concerns raised in the latest pay report is the way artificial intelligence is poised to benefit executives more than their employees. “The AI revolution has potential to unleash broad-based prosperity that improves working conditions and lifts us all up,” said AFL-CIO Secretary-Treasurer Fred Redmond.

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