New Delhi: A report released by Oxfam has revealed that the salaries of CEOs increased by 50 percent worldwide from 2019 to 2024. The average income of a CEO in India is now Rs 16.92 crore annually. However, what’s startling is that the pay scale of ordinary employees increased by only 0.9 percent during the mentioned period.
The report stated that the average income of a CEO in India is $2 million. In Ireland, it is $ 6.7 million and in Germany, it is $4.7 million, while in South Africa, it is $1.6 million.
Stark Contrast: Minimal Wage Increases for Employees
Commenting on the exponential disparity in the salary structure, Oxfam chief Amitabh Behar said that the system is like this…It makes the rich even richer. Workers struggle for rent, food and treatment.
The report further revealed that every hour, billionaires earn more wealth than the average worker earns in an entire year. “The average gender pay gap in 11,366 corporations worldwide narrowed slightly from 27 percent to 22 percent between 2022 and 2023 ―yet their average female employee still effectively works for free on Fridays, while their average male employee is paid through the week,” the report stated.
The average global CEO salary reached $4.3 million in 2024, which is a 50 percent real-term increase from $2.9 million in 2019 (adjusted for inflation).
“Year after year, we see the same grotesque spectacle: CEO pay explodes while workers’ wages barely budge. This isn’t a glitch in the system —it’s the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food, and healthcare,” said Amitabh Behar.
The Oxfam report warned about the rising pay scale of global CEOs and wages of employees failing to keep pace with the cost of living.
On an average, billionaires worldwide earned $206 billion in new wealth over the last year. This is equivalent to $23,500 an hour, more than the global average income in 2023 ($21,000), the report mentioned.
“The outrageous pay inequality between CEOs and workers confirms that we lack democracy where it is needed most: at work. Around the world, workers are being denied the basics of life while corporations pocket record profits, dodge taxes and lobby to evade responsibility,” said Luc Triangle, General Secretary of the International Trade Union Confederation (ITUC).
Oxfam’s latest report reveals a shocking 50% surge in global CEO salaries between 2019 and 2024, contrasting sharply with a mere 0.9% increase in employee wages. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
