Top CEOs have $4.9 million saved for their retirement while many of their workers fight to live off minimum wage.
Off The Grid
While people are distracted with arguing over whether fast food workers deserve $15/hr pay, CEOs keep getting richer. Not only is the average CEO making up to 200x more than the median worker, a new report shows that many CEOs will continue to make more money than the median worker — even after they are retired.
Lets take a look at CEO David Novak, for example. Novak is the executive chairman of Yum! Brands, which owns KFC, Taco Bell and Pizza Hut. He also has the largest retirement package of any top executives, priced at $234 million. That means that Novak will get a $1.3 million check every month after he retires.
In comparison, many of Yum! Brands 537,000 employees can barley afford to save any money for retirement. In the US, only 8,828 even have any money in their 4 401(k) account.
The top 100 executives have $4.9 billion combined in retirement savings. That amount is equivalent to what 41% of American families have saved.
Not surprisingly, David Novaks company is one of the companies that have fought minimum-wage increases. So instead of arguing that fast-food workers dont deserve to make $15/hr, consider if these CEOs deserve to make more money than many of us will ever see — even after theyve retired.
-Saher K: OTG Team