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CEO PAY DECLINED IN 2023  
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Josh Bivens, Elise Gould, and Jori Kandra
September 19, 2024
Economic Policy Institute
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_ But it has soared 1,085% since 1978 compared with a 24% rise in
typical workers’ pay _

, EPI

 

Overview • Read the Report
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Summary: CEO pay dipped in 2023 but remains enormous compared with the
pay of other workers.

Key findings

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From 1978–2023, top CEO compensation shot up 1,085%, compared with a
24% increase in a typical worker’s compensation.  

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In 2023, CEOs were paid 290 times as much as a typical worker—in
contrast to 1965, when they were paid 21 times as much as a typical
worker. 

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That CEOs were paid nearly 10 times as much as the top 0.1% of U.S.
wage earners in 2022 illustrates just how distorted CEO pay increases
have become.

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CEO pay is linked strongly to the stock market—but in 2023, the
stock market held fairly steady, while there was an uncharacteristic
dip in CEO pay.

Why this matters

CEOs are getting paid more because of their leverage over corporate
boards, not because of their skills or contributions they make to
their firms. Exorbitant CEO pay has contributed to rising inequality
in recent decades as it has likely pulled up the pay of other top
earners—concentrating earnings at the top and leaving fewer gains
for ordinary workers. 

How to fix it

Policies that limit CEOs’ ability to collude with corporate boards
to extract excessive compensation are needed to prevent the U.S. from
becoming a winner-take-all society. These policies could include
reinstating higher income tax rates at the very top, using tax policy
to incentivize lower CEO pay, making shareholder votes on CEO
compensation more binding, and using antitrust enforcement and
regulation to rein in the market power of the largest firms.

Read the Report
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* CEO Pay
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