Shoprite defends their CEO’s a

Shoprite defends their CEO’s astronomical salary

It would take the average Shoprite/Checkers employee 290 years to earn what the boss was paid in a year and the retail group thinks that’s totally justifiable.

Shoprite defends their CEO’s a wrote a pretty incredible piece this week. They revealed that it would take the average Checkers worker about 290 years to earn what the chief executive of the Shoprite group,  Whitey Basson, earns in a month.

Basson raked in R49.7 million in basic pay and a special performance bonus of R50 million in the financial year to June.

GroundUp used the example of a worker in the deli department at Checkers, who earns just R550 a week. So it would take this worker 3500 years to earn what Basson earns in a year. GroundUp has a few other examples like these, all of which you can read on their website.

Of course Shoprite tried to defend it, because capitalism.

This from Business Day:

The remuneration committee said it took into consideration the fact that Basson had not claimed any increases in three years. He had not received any short-term incentive payments nor had he received benefits from any long-term incentive plans in the past five years.

It had also factored in Basson’s length of service to the company of about 45 years and the results the group had achieved in the 2016 financial year “during very challenging economic circumstances”.