Are CEOs hundreds of times more valuable than their employees? Corporate boards seem to think so.

In past decades, as CEO pay has skyrocketed, worker pay has all but stagnated. That's created an economy in which CEOs can earn an average of 231 times more than their employees, as they did last year, according an analysis by the Economic Policy Institute. (For reference, CEOs earned just 29 times more in 1978.)

At some companies, CEO pay is especially out of whack, according to PayScale, which analyzed pay at the country's 50 biggest public companies last year. The compensation website compared CEO pay to the median pay of the typical full-time worker to compile the list. The entire methodology can be found at their website.

Here are the major companies where CEOs last year made at least 322 times more than their workers:

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  • 10. PepsiCo

    CEO-to-employee pay ratio: 322:1 CEO: Indra K. Nooyi (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

  • 9. United Technologies Corporation

    CEO-to-employee pay ratio: 326:1 CEO: Louis R. Chênevert (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

  • 8. AT&T

    CEO-to-employee pay ratio: 342:1 CEO: Randall L. Stephenson (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>) AT&T said in a statement: "We are an employer of choice providing high-quality middle class jobs with highly competitive wages and benefits that are among the best in America and significantly greater than our competitors’. AT&T benefits are comprehensive and more extensive than those offered by most employers, including our competitors in the cable industry. And in an era when many companies are either curtailing or abandoning benefits, we continue to provide great benefits – including market-competitive health and welfare, pension and savings plans – to 1.2 million employees, retirees and their dependents."

  • 7. IBM

    CEO-to-employee pay ratio: 349:1 CEO until December 2011: Samuel J. Palmisano (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

  • 6. Medco

    CEO-to-employee pay ratio: 431:1 CEO until Express Scripts acquired Medco in 2012: David B. Snow, Jr. (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

  • 5. CVS Caremark Corporation

    CEO-to-employee pay ratio: 456:1 CEO until last year: Thomas M. Ryan (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>) CVS said in a statement: "Our executive compensation is appropriate and in line with industry standards and with the company’s overall performance. We continue to deliver strong financial results in a challenging environment, performing favorably against our peer group on several critical measures including revenue growth and total shareholder return."

  • 4. McKesson

    CEO-to-employee pay ratio: 537:1 CEO: John H. Hammergren (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

  • 3. Verizon

    CEO-to-employee pay ratio: 613:1 CEO until June 2011: Ivan G. Seidenberg (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

  • 2. Walmart Stores

    CEO-to-employee ratio: 717:1 CEO: Michael T. Duke (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50" target="_hplink">PayScale</a>)

  • 1. UnitedHealth Group

    CEO-to-employee pay ratio: 1,737:1 CEO: Stephen J. Hemsley (Credit: <a href="http://www.payscale.com/ceo-income/fortune-50">PayScale</a>)

Earlier on HuffPost: