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Iowa CEO’s paid 30 times more than the average worker

This news story was published on April 17, 2014.
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NIT – According to the AFL-CIO’s 2014 Executive PayWatch website, the average CEO of a company based in Iowa made $2,596,692, which is 67 times more than the $38,679 earned by the average Iowa worker. The earnings of a minimum wage worker in Iowa is $15,080 per year, if they are working 40 hours per week all year and many do not get full time hours.

This year, the highest paid CEO in the state of Iowa is Larry Zimpleman, CEO of Principal Financial Group. Inc. He makes 260 times more than the average worker and more than 730 times than the minimum wage workers in Iowa.

While many companies may argue that they can’t afford to raise wages, across the country the nation’s largest companies are earning higher profits per employee than they did five years ago. In 2013, the S&P 500 Index companies earned $41,249 in profits per employee, a 38% increase.

“Here in Iowa, we are not immune to this income inequality plague. We work hard, create profits and those at the top pocket the rewards of our labor. There is a growing group of concerned Iowans who have started a ‘Raise the Wage Iowa’ campaign. CEO PayWatch is an effective tool to show workers that it is time for CEOs to compensate their hard working employees fairly once and for all,” said Ken Sagar, President of the Iowa Federation of Labor, AFL-CIO.

Many of the CEOs highlighted in PayWatch head companies, like Walmart, that are notorious for paying low wages. Meanwhile, U.S. CEOs – the highest paid in the world – pocketed an average of $11.7 million in 2013. That means CEOs were paid 331 times that of the average worker and 774 times more than workers making minimum wage.

“CEO Executive PayWatch calls attention to the insane level of compensation for CEOs, while the workers who create those corporate profits struggle for enough money to take care of the basics,” said Richard Trumka, President of the AFL-CIO. “This database is relevant to every community in the country. And we’ll use this data to organize and mobilize to lift millions of workers out of poverty and to strengthen the middle class.”

PayWatch is the most comprehensive searchable online database tracking the excessive pay of CEOs of the nation’s largest companies. It offers visitors to the website the unique ability to compare their own pay to the pay of top executives. This year, PayWatch highlights five low wage companies through worker testimonials at Walmart, Kellogg’s, Reynolds, Darden Restaurants and T-Mobile.

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