On the 16th, the Boston Globe reported that the company’s chief executive officer, Kao Gao, and his staff’s disproportionate salary report cited the SEC’s documents that the highest paid company in Massachusetts was Vertex Pharmaceuticals. The median salary of the company’s employees is 211,500 yuan.
According to a report quoted by the Wall Street Journal, Vertex’s average salary is one of the highest in the country and comparable to a Facebook company with a median salary of $24,430.
If you think that Vertex employees make much more money, then look at the CEO’s income. According to reports, the company’s CEO Jeff Leiden’s 2017 payroll plus bonuses totaled 17.2 million yuan, which is 81 times the company’s median salary.
A Vertex spokesperson pointed out that Boston Biotech’s high salary is a fact. The company’s 60% employees in Massachusetts are engaged in research and development work that requires high degrees and high skills. Employees also receive stock as compensation, and Boston Biotech’s stock almost doubled in 2017 is also a reason for high income.
She said that high talent and highly motivated employees are one of the main reasons for the success of the company. Vertex Corporation has three breakthrough drugs approved and can be used by patients within six years. This is a rare result.
The Global Press report also lists median salaries of employees of several other major companies in Massachusetts (not limited to biotech), including Biogen Biotech’s 148.9004 yuan and Raytheon’s (Defense) company’s 144.4589 yuan. Eversource Energy’s 12949 yuan, State Street Bank’s 80,325 yuan, and TJX’s (clothing) company’s 11,241 yuan.
The report pointed out that the relevant data can only be used for reference, as companies may use different methods to calculate the median salary. There are many part-time employees in the retail industry, and some companies hire a large number of overseas workers and are likely to pull down the numbers.
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