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NEW YORK (CNN)  CEOs of S&P 500 companies will receive 196 times more compensation than their workers in 2023, according to an analysis by Equilar and The Associated Press.

The gap has widened from 185 times in 2022.

That's because CEO pay, which is closely tied to stock prices, has risen significantly faster than employee salaries, many of whom are struggling to keep up with the rising cost of living.

There was a big increase in 2023 alone. The median total compensation, including stock awards, for CEOs of S&P 500 companies soared 12.6% in 2023 from the previous year to $16.3 million. In 2022, it increased just 0.9% from the previous year.

Employee salaries also increased, but at a much slower pace: Median pay for employees at S&P 500 companies rose 5.2 percent from a year ago to $81,467, according to the report.

While employees' annual salaries will increase by about $4,300, the CEO's will receive a $1.5 million increase.

Wages have been growing faster than prices and are an improvement compared to 2022, but workers are still suffering the cumulative effects of three years of high inflation.

The highest-paid S&P 500 CEO in 2023 was Broadcom's Hock Tan, who made $161.8 million.

Tan's huge payout was almost entirely funded by stock awards after Broadcom's shares nearly doubled last year, doubling his pay from a year earlier and bringing it to 510 times the median salary of Broadcom employees.

The pay gap is even more pronounced for companies that rely on part-time, hourly workers.

For example, Barbara Rentler, CEO of clothing retailer Ross Stores Inc., received total compensation of $18.1 million last year, 2,100 times the median salary of part-time store workers at the retailer, which earned $8,618.