Apple boss Tim Cook’s fork out in 2021 was 1,447 occasions that of the common worker at the tech huge, a submitting on Thursday confirmed, fueled by stock awards that assisted him receive a complete of virtually $100 million (roughly Rs. 742.31 crore).
In 2021, the median pay out for employees was $68,254 (roughly Rs. 50.66 lakh), Apple mentioned, including it had picked a new median employee for comparison because of to changes in choosing and compensation.
The median pay in 2020 was $57,783 (approximately Rs. 42.89 lakh) and the fork out ratio was 256 instances Cook’s income.
The Iphone maker has benefited from strong demand about the earlier two several years as buyers doing work from household splurged on updates. Apple’s earnings rose extra than 30 p.c to $365.82 billion (roughly Rs. 27,15,521 crore) for its fiscal 2021 and its shares briefly crossed $3 trillion (roughly Rs. 2,22,69,270 crore) in market place capitalization this yr.
Cook dinner, whose wage remained at $3 million (around Rs. 22.26 crore), obtained $82.3 million (approximately Rs. 610.92 crore) in stock awards, $12 million (around Rs. 89.07 crores) for hitting Apple’s targets and $1.4 million (about Rs. 10.39 crore) for air vacation, 401(k) program, coverage premiums and other people.
In overall, he acquired $98.7 million (about Rs. 732.65 crores), in contrast with $14.8 million (about Rs. 109.86 crores) in 2020.
Cook took the helm in August 2011 following the company’s co-founder Steve Careers stepped down months before his demise. The stock has surged about 1,000 per cent because Cook took cost.
In September, Cook dinner obtained 333,987 restricted stock units, in his initial stock grant because 2011 as aspect of a extensive-term equity system. He will be suitable to get further units in 2023.
Cook dinner instructed Fortune journal in 2015 that he plans to donate his wealth to charity.
CEOs in the United States were paid out 351 moments extra than the common employee in 2020, a report by the Economic Policy Institute showed, whilst the compensation of prime CEOs grew approximately 60 more quickly than the inventory market from 1978 to 2020, eclipsing the gradual 18 % expansion in a standard worker’s yearly pay back.
© Thomson Reuters 2021
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