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Shoprite CEO paid about 30 million rants-12% increase

Shoprite CEO Pieter Engelbrecht.

Shoprite CEO Pieter Engelbrecht, 52, has won Rand 29.9 million over the past year. This is an increase of about 12% from R 26.8 million in the previous year.

Most recently in 2019, he won R21.3 million.

The company released its annual report on Monday, showing that Shoprite CEO Engelbrecht has earned a guaranteed salary of R16.8 million since 2017. This is slightly less than the previous year.

However, he earned a bonus of nearly 12 million rants (a “short-term incentive”). This is compared to the previous year’s 7.6 million rants.

Bonuses were linked to “specific short-term incentive criteria”. Engelbrecht’s “actual result” was 112% of the target.

Over the past year, Shoprite’s sales have increased by more than 8% to Rand 168 billion. The company’s diluted earnings per share increased 20% and its full-year dividend increased 42%.

Engelbrecht’s total income reached almost 2.5 million rants a month.

The minimum wage in the retail sector is R28.25 per hour, or R5500 per month.

Last month, Woolworths announced that it would “invest” an additional 120 million rand to raise the base salary of store workers from 33.40 rand per hour to 41.25 rand by 2023.

Shoprite paid R13.7 billion to all 142,602 employees across Africa.

According to Shoprite, staff turnover has dropped to 22.4% over the past year. “As the unemployment rate continues to rise, people are keenly aware of the financial difficulties of the countries in which we do business.”

Shoprite CEO paid about 30 million rants-12% increase

Source link Shoprite CEO paid about 30 million rants-12% increase

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