In November 2013, people in Switzerland voted in a referendum on something called the 1:12 Initiative for Fair Pay. Under that proposal no one in a Swiss company would earn more in a single month than someone else in that company earns in an entire year. Corporate spokespersons in Switzerland and some in government warned of dire negative economic consequences if such a proposal were accepted. Although it was defeated by a significant margin, it is significant that the issue was being discussed at all.
It is a debate that we should have in Canada. The Canadian Centre for Policy Alternatives reports that in 2012 Canada’s top 100 CEOs pocketed an average of $7.96 million. That was an income equal to 171 times that of the average Canadian worker, and 194 times that of the average female worker.Read More