Fwd: [RHETORIC] POINTER: For US CEOs, offshoring is paying off personally.

[Guest guest]

The below article is particualrly surprising. Usually,

those " we have to

offshore in order to survive and provide some jobs to local

people " argumetns

have other angles. The CEO to worker pay gap is enormous.

The below itme

gives some figures to these observations. - JDA

 

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For CEOs, offshoring pays

By Ed Frauenheim

CNET News.com

August 31, 2004, 12:48 PM PT

URL: http://zdnet.com.com/2100-1104-5331845.html

 

Chief executive officers at the companies shipping the most

U.S. jobs overseas

seem to be pocketing some of the savings, according to a

new report.

 

The study, published by two groups concerned with economic

inequality, found

that average CEO compensation at the 50 firms outsourcing

the most service

jobs abroad increased by 46 percent in 2003. CEOs at the

365 large companies

surveyed by Business Week only saw an average raise of 9

percent, according

to the report from the Institute for Policy Studies and

United for a Fair

Economy.

 

CEOs at top offshore outsourcers earned an average of $10.4

million in 2003,

while average CEO compensation hit $8.1 million, according

to the report.

From 2001 to 2003, the top 50 outsourcing CEOs earned $2.2

billion while

sending an estimated 200,000 jobs overseas, the report

said.

 

[...]

 

The report lists a more dramatic increase in pay for

Stephen Bennett, CEO of

Intuit, which makes personal-finance software. Bennett got

a 425 percent pay

increase in 2003 to $22.3 million while sending call center

jobs to India,

the study says.

 

[...]

 

The study also said the so-called CEO-to-worker wage gap is

rising again,

after two years of narrowing. The ratio of CEO pay to

worker pay reached

301:1 in 2003, up from 282:1 in 2002. If the minimum wage

had increased as

quickly as CEO pay since 1990, it would be $15.76 per hour,

rather than the

current $5.15 per hour, according to the study.

 

 

 

 

 

 

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