Minnesota CEOs paid 127 times what the average worker earns

The average CEO of a Minnesota-based company makes 127 times the pay of the average Minnesota private sector worker, according to figures released by the AFL-CIO.

For all CEOs across the United States, the disparity was twice as large – 331 times what the average worker makes, the labor federation said on its Executive PayWatch website.

This year, the highest paid CEO in Minnesota is Gregg Steinhafel of Target. He makes 595 times more than the average private sector worker in Minnesota, who earned $44,932.

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, the AFL-CIO said. In 2013, the S&P 500 Index companies earned $41,249 in profits per employee, a 38 percent increase.

“Here in Minnesota we’ve taken a big step by raising the minimum wage, but companies should be paying their workers a living wage. 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 Minnesota AFL-CIO President Shar Knutson.

Many of the CEOs highlighted in PayWatch head companies such as 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 pay of CEOs of the nation’s largest companies. It offers visitors the 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.