Walmart CEO Mike Duke’s retirement package of more than $113 million is nearly 6,200 times bigger than the average 401(k) balance of a non-executive Walmart worker, which was $18,303, according to a new analysis by Dana Lime at NerdWallet, a personal finance site.
That dwarfs Walmart’s infamous CEO-to-worker pay ratio, a source of controversy for the company in the past. Duke, who pulled in $20.7 million last year, made 305 times more than the typical Walmart manager and 836 times more than the median Walmart worker’s salary, according to the NerdWallet study.
In addition to the outrage over the low wages paid for the giant discount retailer, the company has been battling negative press for their poor working conditions and inadequate health insurance for employees.
Past research has shown how Walmart spends an average of $3,500 per employee for health care, 27% less than the retail-industry average of $4,800.
The Institute for Policy Studies recently released a report stating that a generation ago, typical big-time corporate CEOs seldom made more than 30 or 40 times what their workers took home. In 2008, the IPS report shows, top executives averaged 319 times more than average U.S. worker pay.
The bulk of the debate over executive pay reform has revolved around questions of corporate governance, such as the independence of compensation committees and the role of shareholders.
MAKE A LOUD STATEMENT THIS BLACK FRIDAY AND DAYS AFTER, DO NOT SHOP AT WALMART!