CBS NEWS – The CEOs of most S&P 500 companies raked in an average compensation of $11.4 million in 2010, amounting to a 23 percent pay raise over 2009, according to a new study from labor union coalition the AFL-CIO.

The AFL-CIO compiled the data as part of its Executive Paywatch initiative, which aims to make information on executive compensation more transparent and to create more accountability. It shows that in 2010, the average S&P 500 CEO made 343 times more than an average worker in his company, compared with just 42 times more in 1980.

As the gap between CEO and worker compensation widens, the AFL-CIO is urging Washington to close corporate loopholes and stop the Republican-led effort to repeal parts of the Democratic Wall Street reform legislation.

“Today’s launch of 2011 Executive PayWatch shows just how out-of-whack things are,” AFL-CIO President Richard Trumka told reporters today. “Despite the collapse of the financial market at the hands of executives less than three years ago, the disparity between CEO and workers’ pay has continued to grow to levels that are simply stunning.”

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© 2011 CBS NEWS

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