UAW justifies wage demands by pointing to CEO pay raises. So how high were they?
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Abcnews ^
| 09/17/2023 | ALEXANDRA OLSON
NEW YORK -- It’s been a central argument for the United Auto Workers union: If Detroit's three automakers raised CEO pay by 40% over the past four years, workers should get similar raises. UAW
President Shawn Fain has repeatedly cited the figure, contrasting it with the 6% pay raises autoworkers have received since their last contract in 2019. He opened negotiations with a demand for a similar 40% wage increase over four years, along with the return of pensions and cost of living increases. The UAW has since lowered its demand to a 36% wage increase but the two sides...
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After this CEO raised his company's minimum wage to $70,000, he said the number of babies born to staff each year grew 10-fold and revenue soared
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Business Insider ^
| 8 August 2021 | Zahra Tayeb
Six years ago, Dan Price, the founder and CEO of credit-card processing company Gravity Payments. made waves when he announced that he was raising the firm's minimum salary to $70,000 for his 120 employees. To
accommodate the change, Price slashed his own $1 million salary. In the following years, revenue soared, and staff had many more babies and bought more homes, Price told Insider. The Seattle-based company's starting wages used to be roughly $35,000, Price said. But for the company to thrive, he felt he needed to make sure all employees were making enough to look after themselves.
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Half of the 100 largest US employers of low-wage workers 'rigged' CEO pay to increase their compensation while cutting worker salaries and laying off staff during the pandemic, study finds (Coca Cola seems less woke nows)
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UK Daily Mail ^
| May 12 2021 | KEITH GRIFFITH
Of the 100 S&P 500 firms with the lowest median worker wages, 51 bent their own rules in 2020 to pump up executive paychecks, according to a new study. The
study from the Institute for Policy Studies found that at those 51 companies, the average CEO pay rose 29 percent last year, to $15.3 million, while worker wages dropped 2 percent. The report found that CEOs at the companies made on average 830 times more than workers, and the left-leaning think thank is calling for measures to reign in extreme pay gaps, including a tax based on the size of...
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Dem plan for minimum wage 'just isn't workable,' says McDonald's ex-CEO
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wnd.com ^
| 2/22/2020 | Jack Davis
A proposal from Democratic presidential candidate Tom Steyer to increase the federal minimum wage to $22 per hour would body-slam the economy, according to a former CEO of one of America's major corporations. Earlier
this month, Steyer proposed increasing the federal minimum wage, which is currently $7.25 per hour, to $22 per hour, according to Fox Business. Other major Democratic presidential candidates have lined up behind a $15 minimum wage, according to The Washington Post.
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Fifth-Third CEO: Bank Workers Will Get Minimum Wage Boost Due To New Tax Reform
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CBS Detroit ^
| Dec. 20, 2017 | staff
DETROIT (WWJ/AP) – Some local workers will be seeing a pay raise because of the newly approved tax reform legislation. Fifth-Third
Bank says it will raise its minimum wage for all employees to $15 an hour and a one-time bonus of $1000 to more than 13,000 workers. Fifth Third has about 2,600 workers in Michigan. The CEO says the tax cut allowed the bank the opportunity to re-evaluate its compensation structure and share some of those benefits with its workforce. At least two other major companies are building goodwill in the wake of President Donald Trump’s tax cuts by finding...
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Ex-McDonald’s CEO says raising the minimum wage will help robots take jobs
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The Washington Post ^
| May 25, 2016 | Matt McFarland
A former McDonald’s chief executive has warned that raising the minimum wage will spur unemployment as companies will instead employ robots that work for less. “I
guarantee you if a $15 minimum wage goes across the country you’re going to see a job loss like you can’t believe,” said Edward Rensi in an appearance on Fox Business Network Tuesday. “It’s cheaper to buy a $35,000 robotic arm than it is to hire an employee who’s inefficient making $15 an hour bagging French fries.” The minimum wage has been a hot topic this spring, with some states and employers deciding to...
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Former McDonald’s CEO Warns Robots Cost Less Than Paying A $15 Minimum Wage
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Daily Caller ^
| 5-24-2016 | Connor Wolf
"If you look at the robotic devices that are coming into the restaurant industry — it’s cheaper to buy a $35,000 robotic arm than it is to hire an employee who’s inefficient making $15 an hour bagging French fries,” Rensi told Fox Business. “It’s nonsense and it’s very destructive and it’s inflationary
and it’s going to cause a job loss across this country like you’re not going to believe.”
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Ex-CEO of McDonald’s: $15 Minimum Wage ‘To Cause Job Loss … Like You’re Not Going to Believe’
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Breitbart's Big Government ^
| May 24, 2016 | Jerome Hudson
Former McDonald’s CEO Ed Rensi appeared on Fox Business Network and warned progressive groups against $15 per hour minimum-wage hikes. “I
was at the National Restaurant Show yesterday and if you look at the robotic devices that are coming into the restaurant industry — it’s cheaper to buy a $35,000 robotic arm than it is to hire an employee who’s inefficient [while] making $15 an hour bagging French fries,” Rensi said Tuesday. “It’s nonsense and it’s very destructive and it’s inflationary and it’s going to cause a job loss across this country like you’re not going to believe,” Rensi added....
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Union Hammers CEO Wage Gap, But Analysis Shows Union Chiefs Make MORE Than Average CEO
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dailycaller.com ^
| 5/21/2016 | Connor D. Wolf
The Center for Union Facts found in its own analysis Friday that many union presidents hammer the corporate wage gap, but still make more money than the average CEO. The AFL-CIO found the average CEO of a S&P 500 company Tuesday made 335 times more money than the average worker in 2015.
Union Facts countered the analysis, highlighting that S&P 500 companies tend to be among the largest. Instead, when all CEOs are taken into account, union presidents often get paid more. “Dozens of union bosses rake in cushy six-figure salaries on the workers’ dime,” Union Facts Executive Director Richard...
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Blame Minimum Wage, Not Carl’s Jr. CEO, For Automated Restaurants
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Jim Newell and Investors Business Daily ^
| 5/17/16 | Jim Newell
The ROOT CAUSE of our economic woes including business leaving our shores is the FEDERAL GOVERNMENT unconstitutionally forcing minimum wage on business. Minimum
wage, regulations, unions, and high taxes are THE CAUSE of businesses moving elsewhere. Federal government is the problem NOT the solution. Although I support Trump, his tariff proposals are MORE federal government and do NOTHING to attack the ROOT CAUSES of the loss of jobs in our country. Tariffs have the appearance but not the reality of a solution - they are only palliative and delay the actual reforms needed. A tariff is a tax and China...
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Blame Minimum Wage, Not Carl’s Jr. CEO, For Automated Restaurants
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Investor's Business Daily ^
| 3/18/2016 | Editorial
Overregulation: Carl’s Jr. and Hardee’s CEO Andy Puzder has people all in a huff over his idea to automate restaurants. But
why be upset with Puzder? This is an inevitable consequence of massive minimum wage hikes by the government. “With government driving up the cost of labor, it’s driving down the number of jobs,” said Puzder. “You’re going to see automation not just in airports and grocery stores, but in restaurants.” He’s right. That’s why whenever the minimum wage rises above the market-set prevailing wage, jobs are destroyed. Who would pay someone $15 an hour to do a job that’s...
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Former McDonalds CEO Warns Minimum Wage "Will Wipe Out 1000s Of Jobs"
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Zero Hedge ^
| 29 April 2016 | Tyler Durden
While this should be no surprise to any rational non-establishment-teet-suckling economist, former McDonalds' CEO Ed Rensi exclaims, in a recent Forbes Op-Ed, that "a $15 minimum wage won’t spell the end of [fast-food brands]. However
it will mean wiping out thousands of entry-level opportunities for people without many other options." The $15 minimum wage demand, which translates to $30,000 a year for a full-time employee, is built upon a fundamental misunderstanding of a restaurant business (and we add simple supply and demand fundamentals) - just "do the math" Rensi rants... “They’re making millions while millions can’t pay their bills,” argue...
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Blame Minimum Wage, Not Carl’s Jr. CEO, For Automated Restaurants
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Insider's Business Daily ^
| 3-19-2016
Carl’s Jr. and Hardee’s CEO Andy Puzder has people all in a huff over his idea to automate restaurants. But
why be upset with Puzder? This is an inevitable consequence of massive minimum wage hikes by the government. “I want to try it,” CEO Puzder said. He’s looking at something “where you order on a kiosk, you pay with a credit or debit card, your order pops up, and you never see a person.” Is he heartless? No. Just responding to the government’s foolish plans to jack up the minimum wage and put restaurants, hotels, bars and other service industries...
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Carl’s Jr. CEO looks to automation as minimum wage hikes drive up labor costs
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Hotair ^
| 03/18/2016 | Jazz Shaw
We recently looked at how the “Fight for 15†had impacted employment in Seattle, with job numbers inside the affected zone plummeting as hiring spiked in the suburbs where wages and associated labor costs remained at relatively normal levels. So
what can the employers who are hit with these higher costs do when their prices are driven to above competitive levels? One unfortunate but completely predictable choice for lower skill positions is to replace them with high tech, automated options. That’s the path that Andy Puzder, CEO of Carl’s Jr. and Hardee’s, is considering after a recent visit to...
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CEO who gave everyone a $70K minimum wage faces more questions (rut-roh)
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hot air ^
| 2-3-2016 | Jazz Shaw
The twisted tale of Gravity Payments CEO Dan Price continues to grow more and more convoluted as time goes by. There
was a time when the public – particularly the heavily progressive, SJW segment of it – were carrying Price on their shoulders like the second coming of Jesus.
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The "Robin Hood" CEO Who Famously Raised His Employees' Minimum Wage To $70,000 Has A Dirty Secret
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Zero Hedge ^
| 12-01-2015 | Tyler Durden
When Gravity Payment's CEO Dan Price announced on April 13 that he would raise the minimum wage of his staff to $70,000 a year, the story went beyond viral: it took the media, especially the part of it which has been obsessing with income and wealth inequality which in the aftermath of
Piketty would be most of it, by meteoric storm. Not only that, but the soon to be lionized young chief executive doubled down on this story of "purest of corporate nobility" by announcing he would cut his own compensation of $1.1 million to offset the cost.
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CEO Hikes Minimum Wage To $70K, Capitalist Tragicomedy Ensues [Employer Learns Lesson in Socialism]
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Zero Hedge ^
| 08/02/2015 | Tyler Durden
Meet 31-year-old Dan Price. Dan is the CEO of Seattle-based credit card payments processing firm Gravity Payments, and three months ago, he did a funny thing. After
talking with a friend who confessed to having difficulties making student loan payments and rent each month on an annual salary of $40,000, Dan decided to set a $70,000 per year pay floor at Gravity. Dan was not, The New York Times says, looking to insert himself into "the current political clamor over low wages or the growing gap between rich and poor." All he wanted to do was improve the lives of...
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CEO Who Made $70K His Company's Minimum Wage Admits It's a Disaster
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Rush Limbaugh.com ^
| August 3, 2015 | Rush Limbaugh
RUSH: Do you remember that guy in Seattle that owned the credit-card processing firm, Gravity Payments? This guy, Dan Price, made news back in April by announcing... He was making a million dollars a year plus as the CEO, and he made a big announcement with a lot of fanfare saying he
had made a major decision. He read somewhere that $70,000 a year is the magic number for an employee to make, that with $70,000 a year you can pay your monthly bills. You can buy a car, have a decent house, a place to rent, and have disposable...
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CEO who set his firm's minimum wage to $70K hits hard times
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Daily Mail ^
| August 2, 2015 | DailyMail.com Reporter
He hit headlines earlier this year for declaring every one of his 120 employees would earn a minimum wage of $70,000. But
now Dan Price - CEO of Seattle-based credit card processing firm Gravity Payments, who lowered his $1 million salary to better compensate employees - has fallen on hard times as a result of his bold move. However the 31-year-old, who is renting out his house to keep the salary increases going, refuses to give up. 'I'm working as hard as I ever worked to make it work,' he told The New York Times. 'I haven’t made this little...
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A CEO raised his company's minimum wage to $70,000 a year, and some employees quit because of it
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Business Insider ^
| July 31, 2015 | by RACHEL SUGAR
When Dan Price, CEO of the Seattle-based credit card payment processing firm Gravity Payments, announced he was raising the company's minimum salary to $70,000 a year, he was met with overwhelming enthusiasm. But
in the weeks since then, it's become clear that not everyone is equally pleased. Among the critics? Some of Price's own employees. Two of the company's "most valued" members have left the company, "spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises." Maisey McMaster — once a big...
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