This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Fin24 reports that Shoprite CEO Pieter Engelbrecht, 52, earned R29.9 million over the past year, an increase of almost 12% from the previous year, when he earned R26.8 million.
Engelbrecht's total earnings came to almost R2.5 million a month. The company published its annual report on Monday, which showed that Engelbrecht, who has been CEO of Shoprite since 2017, earned R16.8 million in guaranteed pay - slightly lower than the previous year. But he earned a bonus of almost R12 million - compared to R7.6 million in the previous year. The bonus was linked to "specific short-term incentive criteria". Engelbrecht’s "actual outcome" was 112% of the target. Over the past year, Shoprite increased its sales by more than 8% to R168 billion. The minimum wage in the retail sector is R28.25 per hour – or around R5,500 a month. Last month, Woolworths announced that it would "invest" an additional R120 million to hike its base pay to store workers from R33.40 per hour to R41.25 by 2023.
- Read the full original of the report in the above regard at Fin24
Get other news reports at the SA Labour News home page