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Well, this might just tell you all you need to know about where South African shoppers have preferred to spend their dwindling earnings over the last few years. The CEO of Shoprite, Pieter Engelbrecht, received a total compensation package of R83 million in 2024 - about R20 million more than the year before. On the other side of the country club, Roy Bagattini from Woolworths had to take half of the R122.
Emphasising the stratospheric nature of the CEO's salaries, the new Companies Amendment Act, which was recently signed into law, compels companies to disclose the earnings gap between their highest- and lowest-paid workers. Neither Shoprite nor Woolies provided a minimum wage figure for 2024, but Woolworths said its lowest-paid worker earned R93 600 last year. It would take that employee 1,311 years to earn what Bagattini did last year - if that helps to soothe his burn a little bit.
Cost Of Living Crisis Groceries Retail Shopping Shoprtite Woolworths
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