Auto Service World
News   October 20, 2004   by Auto Service World

Is Stronach Magna’s Minimum Wage Man?


Canadian Association of Labour Media (CALM) reports that Magna chief Frank Stronach must be older than he looks.
Auto parts magnate Frank Stronach has tried to justify his $43.2 million salary (the highest in the country) by saying he’s smart, and he’s worth it. According to the CASLM he recently made the following claim: “If I added up all the hours I’ve spent working over the past 40 years, I probably haven’t made much more than the minimum wage.”
Is this possible? Or is it just hyperbole? Let’s do the math.
At the highest minimum wage in Canada ($7 an hour, in British Columbia), it would take Stronach–even if he could work 24 hours a day, every day of the year — 688 years to earn $43.2 million! He doesn’t look that old.
To view it another way, if the Magna International CEO had worked every hour of every day for the last 40 years, his $43-million-plus salary would amount to about $123.20 an hour.


Print this page

Related


Have your say:

Your email address will not be published.

*