T
he boss of Sainsbury’s has been handed an virtually £5 million pay package deal for the previous 12 months as buyers face hovering meals costs.
Simon Roberts , who has been chief govt of the UK’s second largest grocery chain since 2020, noticed his general pay deal for the 12 months to March rise by greater than £1.4 million to £4.947 million.
The pay deal – which was revealed within the firm’s newest annual report – contains virtually £4 million in bonuses regardless of the group posting decrease earnings for the 12 months.
His complete pay package deal is round 229 instances that of the typical Sainsbury’s employee, who earns a typical £21,635, in accordance with the annual report.
Mr Roberts obtained a base wage of £899,000, in addition to annual advantages of £17,000 and £67,000 price of pensions funds.
He additionally obtained an annual bonus of £1.7 million and long-term incentives price £2.26 million.
Sainsbury’s finance boss Kevin O’Byrne additionally noticed his pay package deal enhance for the 12 months, in accordance with the report.
He obtained a pay deal price a complete of £3.3 million, up from £2.95 million for the earlier 12 months.
His newest deal included a £675,000 base wage and round £2.5 million in bonuses, alongside different advantages.
It got here regardless of a dip in annual earnings at Sainsbury’s after it took a success from hovering prices and held again worth rises for buyers.
The grocer reported a 5% fall in underlying pre-tax earnings to £690 million for the 12 months to March 4.
It got here because the agency stated it spent £560 million on enhancing costs as buyers got here below strain from rampant foods and drinks inflation.
Food inflation struck 19.3% in April, in accordance with the newest figures from the Office for National Statistics (ONS), remaining close to the 45-year-high of 19.6% recorded the earlier month.
The hovering inflation has included sharp will increase within the worth of staples comparable to milk, bread and eggs.
