Apple CEO Tim Cook Earned Over 1,400 Times the Company’s Average Worker in 2021

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Apple boss Tim Prepare dinner’s pay in 2021 was 1,447 instances that of the common worker on the tech large, a submitting on Thursday confirmed, fueled by inventory awards that helped him earn a complete of almost $100 million (roughly Rs. 742.31 crore).

In 2021, the median pay for workers was $68,254 (roughly Rs. 50.66 lakh), Apple mentioned, including it had chosen a brand new median worker for comparability as a result of modifications in hiring and compensation.

The median pay in 2020 was $57,783 (roughly Rs. 42.89 lakh) and the pay ratio was 256 instances Cook’s wage.

The iPhone maker has benefited from robust demand over the previous two years as customers working from residence splurged on upgrades. Apple’s income rose greater than 30 p.c to $365.82 billion (roughly Rs. 27,15,521 crore) for its fiscal 2021 and its shares briefly crossed $3 trillion (roughly Rs. 2,22,69,270 crore) in market capitalization this 12 months.

Prepare dinner, whose wage remained at $3 million (roughly Rs. 22.26 crore), obtained $82.3 million (roughly Rs. 610.92 crore) in inventory awards, $12 million (roughly Rs. 89.07 crores) for hitting Apple’s targets and $1.4 million (roughly Rs. 10.39 crore) for air journey, 401(okay) plan, insurance coverage premiums and others.

In whole, he earned $98.7 million (roughly Rs. 732.65 crores), in contrast with $14.8 million (roughly Rs. 109.86 crores) in 2020.

Prepare dinner took the helm in August 2011 after the corporate’s co-founder Steve Jobs stepped down months earlier than his demise. The inventory has surged over 1,000 p.c since Prepare dinner took cost.

In September, Prepare dinner obtained 333,987 restricted inventory models, in his first inventory grant since 2011 as a part of a long-term fairness plan. He will probably be eligible to obtain extra models in 2023.

Prepare dinner advised Fortune journal in 2015 that he plans to donate his wealth to charity.

CEOs in the US had been paid 351 instances greater than the standard employee in 2020, a report by the Financial Coverage Institute confirmed, whereas the compensation of high CEOs grew roughly 60 sooner than the inventory market from 1978 to 2020, eclipsing the gradual 18 p.c development in a typical employee’s annual pay.

© Thomson Reuters 2021

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