Apple boss Tim Cook dinner’s pay in 2021 was 1,447 instances that of the typical worker on the tech big, a submitting on Thursday confirmed, fueled by inventory awards that helped him earn a complete of almost $100 million (roughly Rs. 742.31 crore).
In 2021, the median pay for workers was $68,254 (roughly Rs. 50.66 lakh), Apple stated, including it had chosen a brand new median worker for comparability as a result of modifications in hiring and compensation.
The median pay in 2020 was $57,783 (roughly Rs. 42.89 lakh) and the pay ratio was 256 instances Cook dinner’s wage.
The iPhone maker has benefited from sturdy demand over the previous two years as shoppers working from dwelling splurged on upgrades. Apple’s income rose greater than 30 % to $365.82 billion (roughly Rs. 27,15,521 crore) for its fiscal 2021 and its shares briefly crossed $3 trillion (roughly Rs. 2,22,69,270 crore) in market capitalization this yr.
Cook dinner, whose wage remained at $3 million (roughly Rs. 22.26 crore), obtained $82.3 million (roughly Rs. 610.92 crore) in inventory awards, $12 million (roughly Rs. 89.07 crores) for hitting Apple’s targets and $1.4 million (roughly Rs. 10.39 crore) for air journey, 401(ok) plan, insurance coverage premiums and others.
In complete, he earned $98.7 million (roughly Rs. 732.65 crores), in contrast with $14.8 million (roughly Rs. 109.86 crores) in 2020.
Cook dinner took the helm in August 2011 after the corporate’s co-founder Steve Jobs stepped down months earlier than his demise. The inventory has surged over 1,000 % since Cook dinner took cost.
In September, Cook dinner obtained 333,987 restricted inventory items, in his first inventory grant since 2011 as a part of a long-term fairness plan. He will likely be eligible to obtain further items in 2023.
Cook dinner advised Fortune journal in 2015 that he plans to donate his wealth to charity.
CEOs in america have been paid 351 instances greater than the standard employee in 2020, a report by the Financial Coverage Institute confirmed, whereas the compensation of high CEOs grew roughly 60 sooner than the inventory market from 1978 to 2020, eclipsing the sluggish 18 % development in a typical employee’s annual pay.
© Thomson Reuters 2021
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