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submitted 2 years ago by MicroWave@lemmy.world to c/news@lemmy.world

The CEOs of some of the largest employers with the lowest-paid workers in the US are more “focused on their own personal short-term windfall” – spending significantly more money on stock buybacks than capital investments and contributions to employee retirement plans, according to a new report released by the Institute for Policy Studies.

Between 2019 to 2023, the 100 largest low-wage employers in the US, the 100 corporations in the S&P 500 with the lowest median worker pay, spent $522bn on stock buybacks. Lowe’s and Home Depot spent the most on stock buybacks, with Lowe’s spending $42.6bn during this period and Home Depot spending $37.2bn.

The report cites that Lowe’s could have used those funds to give every one of its 285,000 employees an annual $29,865 bonus for five years, and Home Depot could have used those funds to give five annual $16,071 bonuses to each of the retailer’s 463,100 employees.

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[-] SARGE@startrek.website 41 points 2 years ago

Because when you already make 10,000x more than the lowest paid workers, you really need that extra income.

I mean honestly, 175 MILLION is not enough, if I don't have at least 15 BILLION am I even a real CEO

And any talk of raising wages is unconstitutional, and communist.

[-] Professorozone@lemmy.world 3 points 2 years ago

Come on now. Do you really want to work for a corporation where the CEO makes less than his competitors? I mean how embarrassing.

[-] Astronauticaldb@lemmy.world 2 points 2 years ago

It's even worse considering that if a CEO even thinks of raising wages, talking to the union, etc, they'll be fired by the board of directors if their company has one. (Context: the CEO of Starbucks just so happened to be fired for unknown reasons after actually talking to their union.)

this post was submitted on 29 Aug 2024
352 points (99.2% liked)

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