Someone must be laughing all the way to the bank. Apple’s very own CEO, Tim Cook has got quite a raise in 2018.

He received a total of US$15.6 million in salary, incentive pay and other compensation last year. The compensation represented an increase of nearly 22 per cent on-year.

Cook earned a salary of $3 million and $12 million in cash incentives based on Apple hitting pre-determined goals. Other compensation included US$401,000 contributions, life insurance payments and a vacation time buyout of $57,692. He also got US$294,082 in personal travel expenses.

This comes a week after Apple warned investors that its fiscal first-quarter revenue would be weaker than previously expected. The announcement that the iPhone maker now sees sales of $84 billion, well below the range of $89 billion to $94 billion it had forecast in November, sent company shares down nearly 10 per cent.

Apple also said the total 2018 compensation for its median employee was $55,426. This means Cook made 283 times this amount. The company’s workforce includes employees at its retail locations.

Meanwhile, other key Apple executives were also well compensated, thanks largely to stock grants. COO Jeff Williams, CFO Luca Maestri, general counsel Kate Adams, and retail chief Angela Ahrendts all had total compensation packages that exceeded US$26 million with the addition of stock awards of more than US$21 million each.

Apple said,

“We believe the compensation paid to our named executive officers for 2018 appropriately reflects and rewards their contribution to our performance,”

Now we know why the iPhones are expensive…