NEW YORK (AP) — CEO pay is climbing higher and higher. An Associated Press/Equilar pay study finds that the median pay package for a CEO rose above eight figures for the first time last year.

The head of a typical large public company earned a record $10.5 million, an increase of 8.8 percent from $9.6 million in 2012.

A chief executive now makes about 257 times the average worker's salary.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.