January 3 2024
A report released this week by the Canadian Centre for Policy Alternatives (CCPA) underscores the need for decisive action to close the widening gap between the ultra-rich and the average Canadian.
The National Union of Public and General Employees (NUPGE) is calling for fair wages across the board, and for tax fairness to help invest in the vital public services and public health care all Canadians rely on.
Titled Canada’s New Gilded Age: CEO pay in 2022, the new study reveals that Canada’s wealthiest CEOs have reached unprecedented levels of income with an average pay of $14.9 million in 2022. This is 246 times more than what the average worker earned the same year, an alarming trend in income inequality. Furthermore, the CEOs’ income has not only soared from the previous year but it’s more than doubled since 2008.
“It’s unacceptable, and frankly unsustainable, that while workers struggle to meet basic needs due to stagnant wages and high inflation, the rich continue to boost their wealth by paying themselves more and profiting from inflationary forces,” said NUPGE’s President, Bert Blundon. “These deepening inequalities have major negative impacts in the workplace and on the overall health of our communities.”
NUPGE reiterates its call for bold measures to ensure profitable corporations and the wealthy pay their fair share in taxes, and to address the problem of tax avoidance.