(MEDIA GENERAL) — To quote an old adage: “The rich get richer.”
In the latest annual survey released by the Economic Policy Institute, earnings for CEOs at the 350 largest companies in the United States have risen 54 percent since 2009, the year the country’s economy started to rebound from the 2007 recession.
CEOs earned an average of $16.3 million in 2014, a 3.9 percent increase from 2013.
Meanwhile, the average earnings of employees at those companies in 2014? $53,200 a year. How much did those employees make on average in 2009? $53,200.
Currently, the average CEO in the top 350 U.S. companies outearns average employees 303.4-to-1, one of the highest ratios in the country’s history. Only 1998, 2000, and 2007 had higher ratios – 321.8, 376.1, and 345.3, respectively.
During the recession, CEO pay dropped as the stock market fell. The demographic ratio was 195.8-to-1 in 2009. However, as the economy has rebounded and risen and the stock market has surged forward, CEO pay has caught up, while average employees have plateaued.
The EPI stated policy options for curtailing escalating executive pay may be needed, and that new policy could help broaden wage growth and reduce incentives for CEOs to push for escalating earnings.
Read the full report here: Economic Policy Institute