Corporate titans campaign to increase workers’ pay and pensions
April 1, 2014 – Many of the country’s highest-paid CEOs have decided to give up their exorbitant compensation packages to pay their workers better wages and higher pensions. This announcement comes as part of the “Corporations are Really Good People Campaign.”
Oracle CEO Larry Ellison, whose compensation package is valued at more than $96 million, founded the campaign after acknowledging that “that none of us CEOs is really worth this much money. Without our loyal employees, this company would be nothing. That’s why I’m giving $80 million of my total compensation to Oracle’s workers. It’s just the right thing to do.”
Joining the campaign is CBS’ Leslie Moonves, the country’s fifth highest-paid executive whose salary tops $62 million per year. Moonves was inspired by one of CBS’ longest-running game shows, which prompted him to say to his employees “let’s make a deal… I’ll give up $60 million of my pay package if CBS employees promise to be happier and work harder.” Moonves even singled out CBS’ own makeup artists by noting that they “make everyone look good, but lack the job security and retirement benefits” that can provide them with true economic security.
Having heard about these incredible acts of generosity, Rex Tillerson of Exxon Mobil, whose compensation package totals more than $40 million said, “I’m so moved by what these other CEOs are doing that I want to give up most of my pay, too. I’m not putting my life at risk by drilling for oil in dangerous places like the Black Sea, but our employees will be – no matter what. For that, I’ll give all those workers better pay and pensions to do their jobs. Because that’s the kind of guy I am.”
These corporate CEOs joined the “Corporations are Really Good People Campaign” because they want to be among the first to address the country’s retirement income crisis. “We acknowledge that most of the country’s economic growth is going to the top 1 percent – and being that my fellow CEOs and I are at the top of the top, we know that’s just not fair,” said Tillerson. “It’s time for everyone to share in the recovery.”
Other CEOs who are expected to join the campaign include those from Tyson Foods, Starbucks, Duke Energy, Occidental Petroleum Corporation, and Phillip Morris USA.
You didn’t think any of this could really happen, did you? Happy April Fool’s Day from the Pension Rights Center!
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A lump-sum distribution is a method of paying benefits from a pension plan in which a participant's entire beenfit is paid out in a one-time payment. Lump sum distributions are sometimes called cash outs.