NDP plan to tackle excessive CEO pay would put money back into people’s pockets

OTTAWA—On Wednesday morning, the Parliamentary Budget Officer released a report that shows the government could recover more than $1.7 billion a year – money that could be used to increase GST rebates by $250 a year or build more homes for Indigenous people—by implementing Jagmeet Singh’s proposal to tax excessive CEO pay.

Singh’s motion would end outrageous CEO compensation by taxing large companies that pay their top executives at least 50 times more than their median workers.

“Canadians are working hard. That should mean something – you should be able to get ahead. Under Trudeau’s out-of-touch government, the ultra-rich are getting richer and hardworking Canadians are falling further behind,” said Singh. “While some of their employees have to use food banks, top CEOs are now making 243 times more than the average Canadian worker – that’s an all-time high.”

The top CEOs are now making 243 times more than the average Canadian worker. Rogers CEO, Tony Staffieri, got paid 381 times more than the average employee. D. McKay the CEO of RBC received a salary that’s 194 times more than the average employee. Galen Weston, who is appearing on Thursday at a Parliamentary committee to answer for Loblaws’ role in the sky-high food prices hurting Canadians, makes 431 times more than his average worker.

“Poilievre says he’ll defend workers, but Canadians remember his record: cutting pensions and benefits, trying to raise the retirement age and giving massive tax giveaways to big corporations and CEOs make record profits,” said Singh. “The truth is both Justin Trudeau and Pierre Poilievre have been stacking the deck for billionaire CEOs and refusing to make them pay their fair share.

“Canadians deserve a government that fights to make life more affordable for them and their families – not to help massive corporations and their wealthy CEOs get even richer. With more NDP MPs, Canadian workers have better days ahead.”