Tesco chief executive Ken Murphy has seen his pay deal double to £9.93 million in the year to February, compared to £4.44 million the previous financial year, compared to the wage of the average store worker being paid £23,010.
His performance share plan (PSP) provided Murphy with £4.491 million as Tesco profits rose and this will be paid out in shares.
This is on top of Murphy’s annual bonus of £3.38 million on top of his £1.64 million annual salary.
Alison Platt, chairwoman of the Tesco remuneration committee, said: “This pay award reflects the fact Tesco has delivered for all of its stakeholders over the last year – from its most competitive-ever customer offer, to its record investment in colleague pay.
“It also recognises the strong performance of the business while at the same time reflecting the complexities of managing a business of the size and scale of Tesco.
“A large proportion of the total package has been achieved because the business met stretching targets in a highly competitive sector and worked to create value for customers, colleagues, suppliers, communities and shareholders.
“Tesco remains committed to a competitive and fair reward package for all colleagues and over the last two years we have invested more than £800 million in colleague pay, as well as significantly enhancing the range of wellbeing benefits we offer.”
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