Top CEOs get 9 percent pay hike in 2022, 3 percent cut in employees’ salaries
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New Delhi: Top CEOs globally, including in India, get a 9 per cent real salary hike in 2022, while workers worldwide take a 3 per cent pay cut during the same period. This information has been given in a report released on Monday. Nearly 150 of India’s top-paid executives received an average of $1 million last year, a 2 percent increase in real-term pay through 2021. An Indian executive earns more in four hours than an employee earns in a year.
New analysis from Oxfam, released on International Workers’ Day, shows that employees worked an average of six days ‘for free’ last year as wages were driven down by inflation, while real wages for top executives in India, the UK, the US and South Africa Salaries increased by 9 percent (16 percent when not adjusted for inflation). One billion workers in 50 countries face an average pay cut of $685 in 2022, a collective loss of $746 billion in real wages. According to the report, women and girls are putting in at least 380 billion hours of unpaid care work every month.
The findings suggest that women workers often have to work lower paid hours or leave the workforce altogether because of their unpaid care workload. They also face gender-based discrimination, harassment and low pay for work of equal value to men. Amitabh Behar, Interim Executive Director of Oxfam International, said, “While corporate bosses are telling us we need to keep wages down, they are paying themselves and their shareholders massively. Most people are working longer hours for less money and cannot keep up with the cost of living.
The gap between the richest and the rest is widening day by day. “The only increase seen in the workforce is unpaid leave, with women taking on the responsibility,” Behr said. This incredibly difficult and valuable work is done for free in the home and community.” Shareholder dividends meanwhile hit a record $1.56 trillion in 2022, a 10 percent real increase over 2021. Behar said, “Every time there is a crisis, laborers are made scapegoats. Liberals blame inflation instead of profiteers.
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