Consumer advocate Ralph Nader wants GE CEO Jeffrey Immelt to justify his $25.8 million a year yearly pay package.
“The Wall Street Journal has just reported that your total pay rose 19% last year to $25.8 million,” Nader wrote to Immelt yesterday. “That comes to about $12,400 per hour every hour throughout the work year, not counting perks.”
“You are paying a posted entry level wage at your medical device plant in Totowa, New Jersey for workers designated as ‘assemblers’ of $8.00 an hour,” Nader wrote. “This is a wage that is less than General Electric was required by federal law to pay its workers in 1968, adjusted for inflation, which would be $10.50 an hour today. As you know, worker productivity in the United States has doubled since 1968. How can you justify paying a worker in your New Jersey plant a year’s wages that you make in a little more than one hour at your office?”
Nader said that he was sending his letter to AFL-CIO President Richard Trumka who participated in the President’s Council on Jobs and Competitiveness, which Immelt chaired, until it was disbanded earlier this year.
“Maybe Mr. Trumka can arrange a meeting between some of your $8.00 an hour workers at this plant and you, at your headquarters in Fairfield, Connecticut,” Nader said.
“Would you be interested in such a meeting with those Americans who work to make your vast personal wealth possible?” Nader asked.