Typical CEO pay package up 7% last year to a total $12 million

CBS News

Did you get a 7% raise last year? Didn’t think so. But, hey, if you did, then congratulations: Your raise was in line with what CEOs at the biggest companies got — only for chief executives, that 7% was roughly $800,000 in additional compensation.

Pay for CEOs at S&P 500 companies rose to a median of $12 million last year, including salary, stock and other compensation, according to data analyzed by Equilar for the Associated Press. The eight-figure packages continue to rise as companies tie more of their CEOs’ pay to their stock prices, which are still near record levels, and as profits hit an all-time high last year due to lower tax bills and a still-growing economy. 

Pay for typical workers at these companies isn’t rising nearly as quickly. The median increase was 3% last year, less than half the growth for the top bosses. Median means half were larger, and half were smaller.

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