Wednesday, June 6, 2012

Caterpillar: CEO Pay Hiked 60%, Yet Company Wants Wage Concessions From Workers

Sometimes, a story will speak for itself without needing me to make any additional comment. Here is the Sky Valley Chronicle with the details:
Now comes word that workers at an Illinois plant for the manufacturer Caterpillar have been on strike for a month after rejecting a “concession-heavy contract” proposed by the company, say union officials. Last Friday workers rejected a second Caterpillar offer, by a vote of 504-116.

According to a new report by Nation of Change the contract “provided no raises, eliminated the defined benefits pension program, weakened seniority rights and required machinists to pay higher contributions for health care.”

“All of this, at a time when the company is making record profits. In fact, Fortune Magazine recently said the company is “crushing it” when it comes to profitability,” yet at the same time refuses to give its workers a raise while the company did see fit to increase its CEO’s pay by 60 percent.

The annual compensation of Caterpillar Inc.’s chairman and chief executive rose 60 percent in 2011, as the company posted record revenue of $60.1 billion.

Douglas Oberhelman earned $16.9 million in 2011 in salary, bonuses, stock and option awards and retirement plan contributions.

The typical American worker would have to work 244 years in order to earn what the average CEO makes in just one year.

Over the last 30 years, CEO pay has increased 127 times faster than worker pay, says the report.
The prosecution rests.


  1. Yeah, they're all just lazy. /sarcasm

  2. The article says it all. A truly damming indictment of whats been happening for the past 30 or 40 years in this country to the working man or woman. Its truly sickening to see such a gap and to realize the rich want only more. Somewhere down the line this madness will come to and end, but not soon enough.

  3. So sad to hear this. This world is so imbalance. The rich are getting richer while the poor are getting poorer. It's not just in US but also in other parts of the world. This gotta stop sooner than later. case colombia

  4. Defshepard you're so right. The rich people want to get richer while their employees are suffering so much. I think they're becoming greedy and crossing the line so much here. Construction workers should be treated right because if not for them there will be no buildings. caterpillar colombia