Salary packages for executives have jumped by 28% to an average of more than $2.5 million a year. This is a massive average pay rise of $570,000 for the year, or around $11,000 a week.
At the same time that CEOs are getting outrageous pay increases, hard working Australians have experienced a fall in their real wages under Work Choices says the ACTU.
ACTU President Sharan Burrow said:
"This is another clear sign that Work Choices is taking Australia down the United States path of a small number of executives earning obscene amounts while large numbers of workers are stuck on low wages.
"Last week the head of the Howard Government’s wage setting body, Professor Ian Harper confirmed that more than a million award workers have had a real pay cut of up to $800 a year under Work Choices.
"This week we find that CEOs are getting paid more in a week than most workers get in a year.
"Increases in interest rates, petrol prices, food and other household basics along with the downward pressure on wages from WorkChoices mean more and more working families are struggling to keep their heads above water."
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