Fast food restaurants make enormous profits while employing low-wage workers across the country, but how wide is the income disparity between these workers and their CEOs?
According to Bloomberg News, McDonald’s former CEO Jim Skinner made $8.75 million in 2011. The average McDonald’s employee, making $8.25 an hour, would need to work more than one million hours to earn $8.75 million.
Bloomberg News reports:
The pay gap separating fast-food workers from their chief executive officers is growing at each of those companies. The disparity has doubled at McDonald’s Corp. in the last 10 years, according to data compiled by Bloomberg. At the same time, the company helped pay for lobbying against minimum-wage increases and sought to quash the kind of unionization efforts that erupted recently on the streets of Chicago and New York..
(A McDonald's employee) would need about a million hours of work — or more than a century on the clock — to earn the $8.75 million that McDonald’s, based in the Chicago suburb of Oak Brook, paid then-CEO Jim Skinner last year...
Shareholders, not employees, have reaped the rewards. McDonald’s, for example, spent $6 billion on share repurchases and dividends last year, the equivalent of $14,286 per restaurant worker employed by the company.