The federal NDP wants to do something about large companies that pay their executives over 50 times more than their average workers.

This year, top CEOs in Canada are estimated to make 243 times more than the average Canadian worker, according to a January report by the Canadian Centre for Policy Alternatives. The NDP party introduced a plan which they say will help fight corporate greed and 鈥渙utrageous CEO pay鈥� by taxing companies that pay their executives over 50 times the wage of their average worker.

A release from the NDP says the plan will recover hundreds of millions of dollars per year, and will require large companies to disclose their CEO to Worker pay ratio. It also includes regulations that will prevent tax avoidance and the use of contractors to avoid paying the penalty.

鈥淚鈥檝e have been hearing stories from people across our region who can barley keep up with their mortgages, groceries and their gas. Despite playing by the rules, and doing everything right, families can鈥檛 keep up,鈥� said North Island-Powell River MP Rachel Blaney. 鈥淢eanwhile, under the current Liberal government, big corporate CEOs are banking billions of dollars on the backs of Canadians whose wages aren鈥檛 rising as fast as those at the top. This needs to change.鈥�

In April, The Globe and Mail reported regulatory findings saying Loblaw CEO Galen Weston received a $1.2 million raise in 2022, bringing his total pay to $11.79 million, which is 431 times higher than the average Loblaw employee wage.

鈥淐anadians deserve a government that fights to make life more affordable for them and their families 鈥� not to help massive corporations and their wealthy CEOs get even richer,鈥� said NDP Leader Jagmeet Singh earlier this week.

The plan would be to have a variable corporate income tax rate depending on the disparity between workers鈥� and executives鈥� pay. This would range between 0.5 per cent to five per cent, depending on the CEO-to-median-worker pay ratio.

鈥淭he Liberals and Conservatives are letting the ultra-wealthy duck out of paying their fair share. But the NDP has a different plan. We鈥檙e fighting for real solutions to help you and your family get by,鈥� added Courtenay-Alberni MP Gord Johns. 鈥淏y making rich CEOs, who are making their fortune off the backs of their workers, pay their fair share, the government could put money directly back into peoples鈥� pockets. It鈥檚 time we tip the scales in favour of workers and families; that鈥檚 what New Democrats believe in and are fighting for.鈥�

At the end of the house of commons session, Singh made a statement saying that 鈥淐anadians need a government that works for them and their families not just the ultra-wealthy at the very top. Liberals and Conservatives are still ignoring the corporate greed of rich CEOs that are driving up costs for hardworking people. And New Democrats will keep fighting to change that until we form government.

鈥淭his summer, my team and I will meet with Canadians to discuss the issues that matter most to you and ensure solutions are brought forward,鈥� he said. 鈥淭he NDP will continue to fight for Canadians regardless of how tough the battle might be. We will ensure your voices are heard, your needs are met, and our shared vision of a more sustainable, and prosperous Canada becomes a reality.鈥欌��

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marc.kitteringham@campbellrivermirror.com
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