The public outcry over runaway corporate pay is finally hitting home, according to new report that shows a sharp slowdown in CEO pay raises last year, The NY Post writes.
While the recession clearly crimped corporate profits, pay gains for top execs have gone largely unchecked until recently.
A study released yesterday by the AFL-CIO, the largest US labor group, found that pay hikes slowed in 2011, based on its analysis of 300 firms in the S&P 500 index.
Bosses still got raises, of course. On average, CEOs received $12.9 million in 2011, up nearly 14 percent over the prior year’s haul. Still, that was down from 22.8 percent in 2010. The wages for an average worker rose just 2.8 percent to annual pay of $34,053.