Meet The Target At Apple, Tim Cook Gets Salary And Bonuses 1447 Times The Average Salary Of His Employees
JAKARTA - Apple Inc boss Tim Cook's salary in 2021 is 1,447 times the average salary for employees at the tech giant. This is known in a filing on Thursday, January 6 last. That salary was boosted by stock awards that helped him earn a total of nearly $100 million.
As reported by Reuters, in 2021, the average salary for employees at the company will be 68,254 US dollars (Rp977 million) per year, Apple said as quoted by Reuters. Sources at Apple added that they have selected a new median employee for comparison due to changes in hiring and compensation.
The average salary in 2020 is $57,783 per year and the payout ratio is 256 times Cook's.
iPhone makers have benefited from strong demand over the past two years as consumers who work from home spend a lot of money on software and hardware upgrades. Apple's revenue rose more than 30% to $365.82 billion for fiscal 2021 and its stock briefly surpassed $3 trillion in market cap this year.
Cook, whose salary remains at $3 million per year, received a bonus 82.3 million in stock awards, a $12 million bonus for hitting Apple targets, and a $1.4 million bonus on air travel, a 401(k) plan, insurance premiums, and others.
In total, he earns US$98.7 million (Rp1.4 trillion) per year, compared to US$14.8 million in 2020.
Cook took over at Apple in August 2011 after the company's co-founder Steve Jobs stepped down months before his death. The stock has soared more than 1,000% since Cook took over.
In September, Cook received 333,987 units of restricted stock, in his first share grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.
Cook told Fortune magazine in 2015 that he planned to donate his fortune to charity.
CEOs in the United States were paid 351 times more than ordinary workers in 2020, a report by the Economic Policy Institute showed, while top CEO compensation grew about 60% faster than the stock market from 1978 to 2020, outpacing slow prices and growth in the annual salary of ordinary workers.