UAW's Wage Demands: A Closer Look at CEO Pay Raises
The United Auto Workers (UAW) union has been using CEO pay increases as a central argument in their negotiations with Detroit's three major automakers. Over the past four years, CEO pay at these companies reportedly rose by 40%, while autoworkers received a 6% increase in pay since their last contract in 2019. UAW President Shawn Fain initially demanded a 40% wage increase over four years, along with the restoration of pensions and cost-of-living increases, which have since been lowered to 36%. However, negotiations have hit an impasse, leading to a strike.
This focus on the wealth gap between workers and top executives reflects a growing trend among labor unions, where they cite such disparities to advocate for better pay and working conditions. Similar actions have been taken in other industries, including the entertainment sector, where shareholders rejected executive pay packages at Netflix, and the Writers Guild of America targeted pay proposals at companies like Comcast and NBCUniversal.
Following California's new $20-an-hour minimum wage law that kicked in on April 1, fast food joints across the state have bumped up their menu prices.