Norway’s top executives earn eleven times the salary of an average employee

Company managerCompany manager.Photo: pixabay.com

Norwegian top managers earn eleven times the salary of the ordinary average salary. For Norwegian top managers, it takes just 23 days to earn what an ordinary employee will earn in a year’, reported FriFagbevegelse.

The Norwegian average salary is approximately 519,000 per year. By contrast, the upper crust of the managerial class will average

5.8 million during the same period. This amounts to eleven times the amount as a regular employee.

FriFagbevegelse has made the calculation from the financial statements of the 100 largest companies in Norway. According to their website, it is the CEO of the underwater contractor, Subsea 7, Jean Cahuzav, who earns the most, with an annual salary of 19 million.

According to Statistics Norway (SSB), the wages of those who earn the most increased by 46% over the past decade. For those with the lowest incomes, the increase over the same period was only 24%.

This is in line with the situation in other European nations and the USA. According to the Organisation for Economic Co-operation and Development,income inequality has risen in Europe, driven largely by ‘income gains among the 10% top earners’. In the USA, the situation is even more marked. According to CNBC news, in ‘the average S&P 500 company, CEOs made 373 times the salary of the average production and non-supervisory worker’.

 

Source: NTB scanpix / Norway Today

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