Typical compensation packages for chief executives who run companies in the S&P 500 rose nearly 13% last year, the AP reports . Median CEO pay hit $16.3 million in 2023, or nearly 200 times the typical worker's wages for the year, according to data analyzed for The Associated Press by Equilar . In 2022, CEOs made roughly 185 times their typical worker; with the jump in 2023 numbers, CEOs now make roughly 196 times their employees. CEO pay is generally decided on by shareholders, who in the last four years have overwhelmingly voted in support of executive compensation plans, according to Equilar data. CEO pay has increased by 1,209% since 1978, compared with an 15% bump for the typical worker over this time period, according to the left-leaning Economic Policy Institute.

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Persons: haven't, Lawrence Mishel, Amit Batish, aren't, Batish, Sarah Anderson, Anderson Organizations: Associated Press, Equilar, Federal Trade Commission, CNBC, Institute for Policy Studies, AP Locations: Equilar