According to the Idaho Department of Labor, corporate executives based in Idaho, used unemployment benefits to float their companies (because of the bad economy).
The executives, who own their companies, would apply for unemployment benefits claiming they had lost their executive position. They would then use the money to float the company that they held controlling stock in. It was all legal.
As of now they can’t do that anymore. Idaho lawmakers created a new law that says corporate executives applying for unemployment benefits must prove they have no ownership in the company they had worked for. The new law affects about 30,000 executives in Idaho.
However, the new law allows corporate executives to stop paying into the corporate unemployment system. In Idaho unemployment taxes are paid by employers, not employees, but employers can be eligible for a refund.
A report by Standard & Poor’s shows that while the workers of the United States continue to struggle, the corporate leaders are raking in the dough. In fact corporate executives are making more now, than they did before the 2007 market correction.
S & P’s 500 reports that in 2010, the average yearly salary of a corporate executive was $9 million, NOT counting bonuses. That’s a 24% increase over 2009. Are you making that much? Did you get a 24% raise?
The S & P’s report proves you are not making that much. The report says the average worker got a piddly 3% increase in pay. The average pay for those who are employed is $40,500 per year (41% earn less than the average). That’s only one half a percent of the average salary for a CEO.
When are workers going to wake up? Who is really doing the work that makes the corporations money? It’s NOT the executive officers!
News you didn't know mattered