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A study has revealed that UK supermarket executives can earn an average store employee’s annual salary in less than 24 hours, Mirror reports.
The report from the High Pay Centre was released on March 7. It found that the average supermarket CEO earns the annual salary of a minimum wage shop floor worker in just 23 hours and 15 minutes.
The latest available figures show that bosses received nearly £750 an hour with staggering sums paid out by Morrisons (£4.2million), Tesco (£2.6m), Sainsbury’s (£2.3m) and M&S (£1.06m).
The study demonstrated a “stark” disparity with a worker’s hourly minimum wage of £8.91, equating to £17,374.50 per year (based on a 62.5-hour week).
The news follows an earlier controversy in 2021 when Morrisons boss David Potts’ pay reportedly included a £1.7m bonus despite a fall in profits.
Ocado chief executive Tim Steiner earned £6.9m for the previous 2020/21 period. In addition, Mr Steiner got a reputed £58m in 2019 as the result of a bonus scheme. The scheme could pay £100m over five years if shares continue to rise.
It is estimated that more than 350,000 supermarket workers earn below the Real Living Wage of £9.90.
Around 9,000 businesses pay the wage but there are currently no supermarkets accredited by the Living Wage Foundation. It has urged bosses to pay more.
Andrew Speke - of the High Pay Centre, responsible for the report - said shop staff risked their health working during the pandemic.
“It’s time for these company boards to prioritise better pay and conditions for workers.” He said.
Source: Mirror
(Quote via original reporting)
A study has revealed that UK supermarket executives can earn an average store employee’s annual salary in less than 24 hours, Mirror reports.
The report from the High Pay Centre was released on March 7. It found that the average supermarket CEO earns the annual salary of a minimum wage shop floor worker in just 23 hours and 15 minutes.
The latest available figures show that bosses received nearly £750 an hour with staggering sums paid out by Morrisons (£4.2million), Tesco (£2.6m), Sainsbury’s (£2.3m) and M&S (£1.06m).
The study demonstrated a “stark” disparity with a worker’s hourly minimum wage of £8.91, equating to £17,374.50 per year (based on a 62.5-hour week).
The news follows an earlier controversy in 2021 when Morrisons boss David Potts’ pay reportedly included a £1.7m bonus despite a fall in profits.
Ocado chief executive Tim Steiner earned £6.9m for the previous 2020/21 period. In addition, Mr Steiner got a reputed £58m in 2019 as the result of a bonus scheme. The scheme could pay £100m over five years if shares continue to rise.
It is estimated that more than 350,000 supermarket workers earn below the Real Living Wage of £9.90.
Around 9,000 businesses pay the wage but there are currently no supermarkets accredited by the Living Wage Foundation. It has urged bosses to pay more.
Andrew Speke - of the High Pay Centre, responsible for the report - said shop staff risked their health working during the pandemic.
“It’s time for these company boards to prioritise better pay and conditions for workers.” He said.
Source: Mirror
(Quote via original reporting)