According to a report on Thursday, Apple CEO Tim Cook's compensation in 2021 was 1,447 times that of the typical employee at the tech company, fuelled by stock awards that let him earn about $100 million (roughly Rs. 742.31 crores).
According to Apple, the median salary for workers in 2021 is about $68,254 (approximately Rs. 50.66 lakh), and the company has chosen a new median employee for comparison owing to changes in recruiting and compensation.
In 2020, the median compensation was $57,783 (about Rs. 42.89 lakh), and the pay ratio was 256 times Cook's income.
Over the last two years, the iPhone maker has profited from high demand from users working from home.
Upgrades were made to the house. Apple's sales increased by more than 30% to $365.82 billion (approximately Rs. 27,15,521 crore) for fiscal 2021, and its market value momentarily surpassed $3 trillion (about Rs. 2,22,69,270 crore) this year.
Cook got $82.3 million (approximately Rs. 610.92 crores) in stock awards, $12 million (about Rs. 89.07 crores) for meeting Apple's objectives, and $1.4 million (roughly Rs. 10.39 crore) for air travel, 401(k) plan, insurance premiums, and other expenses.
He made $98.7 million (about Rs. 732.65 crores) in total, compared to $14.8 million (approximately Rs. 109.86 crores) in 2020.
Cook took over as CEO in August 2011, after co-founder Steve Jobs resigned down months before his death. Since Cook took control, the stock has increased by more than 1,000%.
Cook received 333,987 restricted stock units in September as part of a long-term equity plan, his first stock grant since 2011. In 2023, he will be eligible for extra units.
In 2015, Cook told Fortune magazine that he intends to donate his fortune to charity.
According to an Economic Policy Institute analysis, CEOs in the United States were paid 351 times more than the average worker in 2020, while remuneration for top CEOs climbed nearly 60 percent faster than the stock market from 1978 to 2020, outpacing the stock market's modest 18 percent growth. in the annual salary of a typical worker
Apple earned so much money in 2021!