I received some news in my email today from the activist group SumOfUs.org saying that the fast food industry is still paying their workers only minimum wage, despite outcry from workers and those who support them. Any fast food worker will tell you that in most cities, minimum wage is barely enough for rent/mortgage, food, clothing, and the day-to-day expenses that come up for all of us. As I’ve discussed in previous posts about this issue, many of these workers need welfare assistance to survive, which is a crying shame in a nation of plenty.
The email says that in 2012, McDonald’s two CEOs took home 2,048 times the average fast food worker’s earnings for the year. It also says that workers at McDonald’s earn less than $9 an hour, but its CEOs take home over $9 million.
Something needs to change. But who will change it?
Here’s the rest of the email (SumOfUs.org):
In an historic move, on May 15th fast food workers in 150 cities all over the world will be striking for a fair wage, demanding McDonald’s treat them fairly across borders. If we prevent mutual funds from voting for massive CEO pay, we could join workers in the global fight for a just wage and end pay inequality in the fast food industry.
Right now, mutual funds Vanguard, Fidelity and iShares are preparing to endorse the vast inequality between CEO pay and worker pay. But if enough of us come together as investors and customers, we can make sure mutual funds vote against CEO pay and pave the way for a just fast food industry.
This shareholder season we are successfully mobilizing concerned investors and consumers to hold corporations accountable. Mutual funds Vanguard, Fidelity and iShares hold many of our investments, but they think we aren’t watching while they vote along with management.
To sign the petition “Tell Vanguard, Fidelity and iShares: We will not stand for more income inequality- Vote NO on executive pay,” go to SumOfUs.org.