“It was a lonely, sad ride home and a day I will never forget,” recalls Michael Smith, one of the “Nabisco 600” laid off on March 23 from the Southside Chicago Mondelēz bakery. “At 59 years of age, I basically have to learn how to reinvent myself in today’s job market.”
Smith was a spokesperson for the “Nabisco 600” during a media teleconference launching the AFL-CIO’s PayWatch 2016. Mondelez International is highlighted on the Executive PayWatch website as one of the most egregious examples of CEO-to-worker pay inequality. PayWatch is the the most comprehensive searchable online database tracking CEO pay. In 2015, the average production and non-supervisory worker earned approximately $36,900 per year, a wage that when adjusted for inflation, has remained stagnant for 50 years.
Meanwhile, while Smith and his fellow Local 300 Nabisco workers wonder what their futures hold, Mondelēz CEO Irene Rosenfeld raked in $19.7 million in 2015 – that’s $9,471.15 per hour.
Check out at www.paywatch.org where companies like Mondelēz, Carrier, Verizon and United Technologies are highlighted for their massive CEO-to-worker pay disparity and inequality among S&P 500 companies.