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The average pay of CEOs of U.S. S&P 500 companies reached an all-time high last year. In particular, analysts say CEO pay is soaring as long-term compensation plans modeled after Tesla CEO Elon Musk's mega-performance compensation contract spread to other companies. On the other hand, employee wage growth slowed relatively, widening the pay gap between CEOs and employees to the highest level ever.

According to Reuters on the 13th (local time), the American Federation of Labor Industries (AFL-CIO), the largest labor group in the United States, said in a "PayWatch" report that the average salary of CEOs of S&P 500 companies in 2025 was $22.8 million, up 21% from the previous year. It is the highest level since the AFL-CIO compiled related statistics since the 1990s.

The survey showed that CEO pay increased significantly with only figures excluding Musk. Labor analyzed that similar long-term compensation plans are being introduced one after another as Tesla's super-large performance compensation system affects other corporate boards.

Including Musk's compensation, the scale is much larger. Last year, Tesla shareholders approved a limited-term stock compensation plan that would be paid if it met its maximum performance target, and the company valued it at $158 billion. Reflecting this, the AFL-CIO estimated that the average salary of the S&P 500 CEO jumped to $340.1 million last year.

Musk became the world's first "$1 trillion asset" this year due to the increase in the value of his stake in SpaceX. The labor community pointed out that such a massive compensation contract serves as a reference point for other companies and is being used as a basis for justifying CEO pay increases. "Musk's compensation scheme is being used as a new benchmark when discussing other CEO compensation proposals," AFL-CIO Director General Fred Redmond told Reuters.

The wage gap between CEOs and employees has also widened. On the basis of excluding Musk, the average wage ratio of CEOs and employees of S&P 500 companies expanded from 285 to 1 in 2024 to 312 to 1 last year. Including Musk's compensation, the gap reached 5387 to 1.

Labor claimed that the spread of artificial intelligence (AI) and the unfriendly policy environment for labor unions are limiting employee wage growth. "Union members are deeply angry at the situation they are in and I think they should be more aggressive in raising the issue of inequality," Redmond said. He added that the size of U.S. union membership was the highest in 16 years.

According to the U.S. Department of Labor, the average annual wage of all U.S. workers in May last year was $69,770, up only 3% from the previous year. Compared to the increase in CEO remuneration, the increase is significantly lower.

Companies explain that performance-linked compensation is a device that induces shareholder value enhancement. Indeed, investors are voting in favor of most CEO compensation proposals. According to Semler Bros., a compensation consulting firm, the average approval rate of S&P 500 companies' "conservative approval" agenda by the end of June this year was 90.6%, higher than the average of 89.4% last year.

However, investors reacted differently to the super-large special compensation plan. Goldman Sachs paid CEO David Solomon $118.9 million last year, including special compensation for long-term service, and its shareholder approval rating was 71%, below average. [Silicon Valley correspondent Wonho-seop]