But during that 35-year period, the federal wage floor remained largely stagnant while the average Wall Street bonus soared by 1,217%, IPS finds, citing the latest data from the New York State Comptroller.
The $7.25-an-hour federal minimum wage has not been raised since 2009, leaving minimum wage workers worse off today than they were more than a decade ago due to rising costs of living.
"Since 1985, the average Wall Street bonus has increased 1,217%, from $13,970 to $184,000 in 2020.".
"These bonuses come on top of salary and other forms of compensation," Anderson added.
"The average salary (with bonuses) for all securities industry employees in New York City was $406,700 in 2019.
At the very top end, CEOs of the top five U.S. investment banks hauled in an average of $27.9 million in total compensation in 2019.".
Unveiled earlier this month, the legislation would raise taxes on companies with a CEO-to-median-worker pay ratio of 50 to 1 or higher. »
