Apple’s Tim Cook will be paid 1,400 times the average employee in 2021 – World Affairs SRS

Apple’s Tim Cook will be paid 1,400 times the average employee in 2021

– World Affairs SRS

Apple Inc. boss Tim Cook’s salary in 2021 was 1,447 times that of the tech giant’s average employee, a filing revealed on Thursday, fueled by stock awards that helped him earn nearly $100 million in total.

In 2021, the median salary for employees was $68,254, Apple said, adding that it had selected a new average employee for comparison because of changes in hiring and compensation.

The median salary in 2020 was $57,783 and the salary ratio was 256 times Cook’s salary.

The iPhone maker has benefited from strong demand for its products and services over the past two years as consumers work from home on upgrades. Apple’s revenue for its fiscal year 2021 rose more than 30% to $365.82 billion, which briefly saw its shares surpass $3 trillion in market capitalization this year.

Cook, whose salary totaled $3 million, received $82.3 million in stock awards, $12 million to meet Apple goals and $1.4 million for air travel, 401(k) plans, insurance premiums, and more.

Overall, he received $98.7 million compared to $14.8 million in 2020.

Cook took over in August 2011, months before the company’s founder Steve Jobs died. Apple stock has risen more than 1,000% since then.

In September, Cook received 333,987 restricted stock units, in its first stock grant since 2011 as part of a new long-term equity plan. He will be eligible to get additional units based on performance in 2023.

For Corporate America, CEOs were paid 351 times as much as a typical worker in 2020, a report by the Economic Policy Institute showed.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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