Saturday, June 30, 2012

Corporate profits at all-time high; wages at all-time low...

This week, David Segal at the New York Times broke the news to America that not only was Apple -- the computer and gadget manufacturer formerly seen as a symbol of good old American ingenuity -- making its profits on the backs of abused factory workers in China, but also on poorly paid store employees here in the US.

Apple store workers, he wrote, make up a large majority of Apple's US workforce—30,000 out of 43,000 employees in this country—and they make about $25,000 a year, or about $12 an hour.

Lawrence Mishel at the Economic Policy Institute notes that that's just a dollar above the federal poverty level. This for a company that paid nine of its top executives a total of $441 million in 2011.

 “The discrepancy between Apple’s profits/executive pay and its compensation to its workers is a particularly glaring example of what is occurring in the wider economy,” Mishel writes. Full story...

Related posts:
  1. Investigation finds widespread abuses at Apple China factories...
  2. Queen Elizabeth gets bumper pay rise of 20%, raising salary to a whopping...
  3. World's top bankers handed 12% pay rise to average $12.8MILLION...
  4. $10 million a year: the average salary of an American CEO...
  5. Salaries for top executives are rocketing 'out of control'
  6. Bosses' bonuses up by 187% since 2002...
  7. 5 things corporations are trying to hide from you...

No comments:

Post a Comment