Sainsbury’s CEO’s pay triples to £3.8m – as cost of food staples soars by up to 30%
Chief executive of Sainsbury’s, Simon Roberts, has received a 31 percent increase over the last year. This is whilst in-store workers received a 5.3 percent increase to their wages.
In March, some of the supermarket’s major investors launched a campaign, asking for a real living wage from Sainsbury’s.
Campaign group ShareAction found that supermarket staff are one of the largest groups of low-paid workers in Britain.
Sainsbury’s does pay more than its supermarket rivals and increased wages for store employees by 5.3 percent.
However, inflation is skyrocketing closer to 10 percent and pushing up the price of all essentials.
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Grocery price inflation already hit 5.2 percent in March, seeing the wage rise being left in the dust.
Comparatively, Mr Roberts received a £3.8million pay packet in the last financial year.
Additionally, this was a 31 percent increase for Mr Roberts as he waived his bonus in 2021 due to the pandemic.
This move saw him taking home only £1.3million that year.
“Our colleagues have received above the Government’s National Living Wage for many years and we are proud to have been one of the first major retailers to pay all store colleagues the Living Wage. The majority of our contractors are also already paid at or above the Living Wage.
“We know these are tough times for our customers and colleagues, which is why we will also have spent over £500million by the end of the year to lower prices and help customers manage the rising cost of living. This money will ensure everyone can find low prices on the essential items they buy day in, day out.
“This year we have made significant progress against our plan to put food back at the heart of Sainsbury’s.
“For our senior executives, we have removed £100million of Covid-related profit from both the annual bonus and share awards calculations, meaning they are lower than they would otherwise be, reflecting our policy that management pay is strictly aligned with the progress we are making for our customers, colleagues and shareholders.”
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