Top earners still gaining as middle NZ languishes

Despite taking a hit to their bonuses, the base remuneration for CEOs and managing directors is still rising faster than Kiwis’ wages, says Labour’s Finance spokesperson David Parker.

Base pay for chief executives last year rose 9.9 per cent, or $28,311 according to a survey out today. Coinciding with that was a fall in incentive payments, meaning total remuneration for CEOs/MDs rose on average by 2.3 per cent.

“While the economy hasn’t grown much and wages haven’t grown much, those on the highest incomes are still netting the most gain. At the same time the economy is being hollowed out and middle New Zealand isn’t growing.

“Whatever CEOs are paid, their income is still taxable. The real unfairness in our economy is that income made through capital gains goes untaxed, which skews the whole economy to speculative investment,” David Parker said.