Wage inequality in NJ continues unabated. Todays is shared from app.com
Jane Elfers, the chief executive officer of The Children’s Place, a retailer based in Secaucus, received a compensation package worth $17.2 million in 2012, according to the AFL-CIO.
The average New Jersey worker needs to work 121 years to match the compensation that the average New Jersey CEO makes in one.
That’s according to an AFL-CIO report released Tuesday, showing the Garden State’s top executives make on average $5.7 million. By comparison, the rank and file make on average $46,825.
“What these figures show is a recovery that is only rewarding the very rich at the expense of everyone else,” said Charles Wowkanech, president of the New Jersey State AFL-CIO. “The middle class is disappearing, and it’s because corporate profits are going into the hands of a very limited few.”
The New Jersey statistics were part of the union group’s website, paywatch.org, that is designed to call attention to the growing income disparity between the corner office and the cubicle.
It was released as the economy continues its long, slow recovery from a devastating recession that cost the nation 8 million jobs, including more than 250,000 in New Jersey. What has emerged has been sluggish job growth with little pressure on employers to increase wages for their workers. Meanwhile, top executives are racking up giant paychecks.
Sense of unfairness
The ramifications, one economist said, are stark. The working class has...