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Bank CEO Defends his pay

The typical CEO is taking home almost 100 times what the average worker gets paid, unions say.

 

The Australian Council of Trade Unions report on remuneration paid to CEOs in listed companies showed that the gap is widening between what bosses pay themselves and what they pay their employees.

 

ACTU president Ged Kearney said the Executive PayWatch 2010 report highlighted the blatant hypocrisy of big business executives in pushing for industrial relations deregulation.

 

The numbers in this report tell a story of greed and inequality," Ms Kearney said.

"They show that after a brief hiatus in 2008 and 2009, the pay packets of company executives are again rising sharply.

 

"Ridiculously high salaries and unwarranted bonuses contributed to the financial meltdown by encouraging executives to take risks in pursuit of short-term profits."

The study has found that after a short period of restraint in 2008-09, when the global financial crisis hit Australia, executive pay has hit new heights, the ACTU says.

 

The average CEO will this year take home $6.4 million in total remuneration.

Executive pay rose by an average of more than $940,000 or 17.2 per cent over the past year.

 

By comparison, the annual wage of a full-time worker rose by $3,200, or 5.2 per cent.

ACTU said company profits soared by 27.5 per cent in the past 12 months to a record share of the national economy, while wages share was the lowest since 1964.