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Walmart Ceo's Hourly Wage Equals One Year Salary of New Employees

Walmart CEO's hourly wage equals one year salary of new employees.  Chicago, Illinois Alderman Ed Smith presented figures at a recent city council meeting indicating a massive wage disparity between Walmart Executives and employees.  Smith determined that Walmart CEO Michael Duke earns an estimated $35 million per year, at an hourly wage of $16,826.92 while newly hired workers earn $8.75 per hour, for a yearly gross income of $13,650.  The Institute for Policy Studies, a research group formed in Washington D.C. supports Smith's figures.  A study in 2009 found that CEO's within S&P 500 companies earn 319 times that of the average American worker. 


Equilar, an executive compensation research firm contradicts Smith's figures.  Equilar estimates that Duke earned $20 million in 2009 and millions in performance awards.  Walmart's director of community affairs, Steven Restivo stated he doesn't "think Mike Duke needs, as the CEO of a Fortune 1 company, needs me to defend his compensation package."


The debate was sparked by the future construction of a Pullman, Illinois, Walmart.  Walmart refused to become unionized and is expected to bring tax incentives and job opportunities to the area.


 

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