Wages Ready Steady Go?
The ABS released Average Weekly Earnings this week for the September quarter at $1,102 per week. This is up 1.0% on June and 4.9% on 1 year ago - as the Reserve Bank said 'Growth in labour costs has been contained so far'. But also released in the last week is the Financial Review's executive salary review for 2007. Average remuneration rise for CEO's of the top 300 companies for the last year was 28%. Median CEO total remuneration was $2.5 million or 43 times average weekly earnings.
In 1992 the average cash remuneration of CEOs in the top 50 companies was $715,566 or 27 times average weekly earnings. Based on the AFR's survey for 2007, the average for the top 50 companies CEO's cash remuneration was $1,910,000 million or 33 times average weekly earnings - an escalation of 22% ahead of wage inflation. It would appear 'growth in executive labour costs has not been contained so far'.
Posted Saturday, 17 November 2007
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