August 10, 2022
Apple CEO Tim Cook earned 1,400 times the company’s average employee in 2021

Apple boss Tim Cook’s salary in 2021 was 1,447 times that of the tech giant’s average employee, a filing revealed on Thursday, fueled by stock awards that helped him earn a total of $100 million (about Rs 742.31 crore).

In 2021, the average salary for employees was $68,254 (approximately Rs 50.66 lakh), Apple said, adding that it had selected a new average employee for comparison due to changes in recruitment and compensation.

The average salary in 2020 was $57,783 (approximately Rs 42.89 lakh) and the salary ratio was 256 times Cook’s salary.

The iPhone maker has benefited from strong demand over the past two years as work-from-home consumers splurge on upgrades. Apple’s revenue for its fiscal year 2021 grew more than 30 percent to $365.82 billion (about Rs 27,15,521 crore) and its shares garnered $3 trillion (about Rs 2,22,69,270 crore) in market capitalization this year. crossed.

Cook, whose salary stood at $3 million (approximately Rs 22.26 crore), received $82.3 million (approximately Rs 610.92 crore) in stock awards, $12 million (approximately Rs 89.07 crore) and $1.4 million to achieve Apple’s goals. (approx. Rs. 10.39 crore) for air travel, 401(k) plan, insurance premium and others.

Overall, he earned $98.7 million (approximately Rs 732.65 crore) in 2020 compared to $14.8 million (approximately Rs 109.86 crore).

Cook took over in August 2011, months before the company’s co-founder Steve Jobs died. The stock has risen more than 1,000 percent since Cook took over.

In September, Cook received 333,987 restricted stock units in its first stock grant since 2011 as part of a long-term equity plan. He will be eligible to get additional units in 2023.

Cook told Fortune magazine in 2015 that he plans to donate his money to charity.

CEOs in the United States were paid 351 times more than the typical worker in 2020, a report by the Economic Policy Institute showed, while top CEOs were compensated roughly 60 times faster than the stock market from 1978 to 2020. increased, took 18 percent at a slow pace. An increase in the annual salary of a specific employee.

© Thomson Reuters 2021

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