In 2021, the median pay for employees was
$68,254, Apple said, adding it had selected a new median employee for
comparison due to changes in hiring and compensation.
The median pay in 2020 was $57,783 and the pay
ratio was 256 times Cook’s salary.
The iPhone maker has benefited from strong
demand over the past two years as consumers working from home splurged on
upgrades. Apple’s revenue rose more than 30% to $365.82 billion for its fiscal
2021 and its shares briefly crossed $3 trillion in market capitalisation this
Cook, whose salary remained at $3 million,
received $82.3 million in stock awards, $12 million for hitting Apple’s targets
and $1.4 million for air travel, 401(k) plan, insurance premiums and others.
In total, he earned $98.7 million, compared
with $14.8 million in 2020.
Cook took the helm in August 2011 after the
company’s co-founder Steve Jobs stepped down months before his demise. The
stock has surged over 1,000% since Cook took charge.
In September, Cook received 333,987 restricted
stock units, in his first stock 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
plans to donate his wealth to charity.
CEOs in the United States were paid 351 times
more than the typical worker in 2020, a report by the Economic Policy Institute
showed, while the compensation of top CEOs grew roughly 60% faster than the
stock market from 1978 to 2020, eclipsing the slow 18% growth in a typical
worker’s annual pay.