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

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