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Apple CEO Tim Cook earned more than 1,400 times the company’s average employee in 2021.

Apple boss Tim Cook’s 2021 salary was 1,447 times that of the tech giant’s average employee, as shown in Thursday’s filing, thanks to stock rewards that helped him earn a total of nearly $ 100 million (roughly Rs 742.31 crore).

Apple reported that the average employee wage was $ 68,254 (roughly Lakh 50.66) in 2021, adding that it selected a new average employee for comparison due to hiring and compensation changes.

The median wage in 2020 was $ 57,783 (roughly 42.89 lakhs), and the wage ratio was 256 times that of Cook.

The iPhone maker has benefited from strong demand over the past two years as consumers working from home spend money on upgrades. Apple’s revenue grew more than 30 percent to $ 365.82 billion (roughly Rs 27,15521 crore) in fiscal 2021, and its stock market capitalization briefly exceeded $ 3 trillion (roughly Rs 2,269,270 crore) this year. ).

Cook, whose salary remained at $ 3 million (approximately Rs 22.26 crores), received $ 82.3 million (approximately Rs 610.92 crores) in shares, $ 12 million (approximately Rs 89.07 crores) for the achievement Apple’s goals and $ 1.4 million (roughly Rs.). Rs.10.39 crore) for air travel, 401 (k) plan, premiums and others.

In total, he earned $ 98.7 million (approximately Rs 732.65 crores), up from $ 14.8 million (approximately Rs 109.86 crores) in 2020.

Cook took over the company in August 2011, when co-founder Steve Jobs retired months before his death. The stock is up more than 1,000 percent since Cook took over the company.

In September, Cook received 333,987 restricted shares in its first grant since 2011 as part of its long-term equity plan. He will be eligible for additional units in 2023.

Cook told Fortune magazine in 2015 that he planned to donate his fortune to charity.

In 2020, according to a report by the Economic Policy Institute, CEOs in the United States were paid 351 times more than a regular employee in 2020, while executive pay grew about 60 times faster than the stock market from 1978 to 2020, surpassing slow 18 percent. an increase in the annual wage of a typical worker.

© Thomson Reuters, 2021


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