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   * SHENANDOAH, IA (51601)
     
     TODAY
     
     Clear skies. Low 27F. Winds SSW at 5 to 10 mph..
     
     TONIGHT
     
     Clear skies. Low 27F. Winds SSW at 5 to 10 mph.
     
     Updated: October 15, 2024 @ 6:14 pm
   
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   * SHENANDOAH, IA (51601)
     
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IA LEADS NATION FOR WAGE GAP BETWEEN WORKERS, CEOS

 * Mark Moran -- Iowa News Service
 * Oct 12, 2024
 * Oct 12, 2024
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(KMAland) -- A new report from the American Federation of Labor showed the pay
gap between CEOs and their workers continues to widen and Iowa has among the
biggest disparities in the nation.

The report found companies' production costs were down 3% in 2023 but consumer
prices were up 3%.

Charlie Wishman, president of the Iowa American Federation of Labor, said
company CEO profits are up 6%, even as more families struggle to keep up with a
rising cost of living. Wishman pointed out the gap between the CEO and an
average worker at a Casey's General Store in Iowa is among the highest in the
nation.





"The average CEO pay to the median worker pay, the difference is 623 to 1,
meaning the CEO was going to make 623 times more than the median worker wage at
Casey's," Wishman outlined.

Wishman noted the Casey's CEO-to-employee wage gap has grown from about 40 to 1
in the 1980s. Casey's said it reviews its salary and bonus structure yearly to
be sure they are competitive. Nationwide, the report said it would take more
than five career lifetimes for a worker to earn what the average CEO is paid in
one year.




The report listed several examples of huge corporate profit increases, including
a 66% hike in the former Starbucks CEO's pay. Securities and Exchange Commission
documents showed Laxman Narasimhan's compensation jumped from $8.8 million in
2022 to $14.6 million in 2023.

Wishman argued for the average Iowan, such numbers are hard to stomach.

"It's not just that there's so-called 'inflation' going on, that consumers are
making 'too much money.'" Wishman asserted. "We actually think it's an excuse
that's being used by a lot of corporations to charge consumers more."

In the Starbucks example, the report showed the cost of a medium coffee at the
chain has risen by 20% in some locations and the company has doubled the number
of points required to qualify for rewards despite its overall production costs
going down.





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At KMA, we attempt to be accurate in our reporting. If you see a typo or mistake
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