CLEVELAND — A report released by Policy Matters Ohio indicates CEOs at Ohio's top 100 employers were paid an average of 322 times what the average employee was paid at those companies in 2020.
The report compiled federal data submitted by the companies to the Security and Exchange required by the Dodd-Frank Act and showed the pay gap between CEOs and their employees continues to grow.
Policy Matters Ohio told News 5 it analyzed all 54 of Ohio’s top 100 employers that filed reports with the SEC. The average CEO on that list was paid nearly $16 million last year, compared to $14.6 million in 2019. Meanwhile, at the median, these corporations cut the typical worker’s pay from $52,500 in 2019 to $51,494 in 2020.
Fifteen of the major employers reported median pay of less than $26,500, roughly the federal poverty level for a family of four. Together, these 15 companies — including Walmart, Kroger, and Dollar Tree — employed more than 185,000 Ohioans at the time of reporting.
Hannah Halbert, Executive Director with Policy Matters Ohio, told News 5 policy changes are needed at the federal and state level, that major Ohio employers need to increase wages.
“This has an influence on how people are getting paid, how working people live their lives, and how working people can provide for their families," Halbert said. “The average was 322 times more for CEO pay than what a typical worker in their shops were making.”
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