Shoprite: CEO Pieter Engelbrecht Earned Nearly R30m Over the Past Year

Shoprite: CEO Pieter Engelbrecht Earned Nearly R30m Over the Past Year

  • Shoprite Holdings CEO Pieter Engelbrecht recently increased his earnings by 12% to almost R30 million
  • Engelbrecht's earnings were revealed in Shoprite's yearly report, which was released on Monday, 18 October
  • The 52-year-old also earned a R12 million bonus and R16.8 million guaranteed pay, while the average Shoprite employee earns around R5 500 a month

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On Monday, Shoprite published its annual report which indicated that CEO Pieter Engelbrecht earned R29.9 million in the last year. This is an almost 12% increase from the year before, where his earnings were marked at R26.8 million.

Engelbrecht has been the CEO of the supermarket since 2017. The 52-year-old reportedly earned R16.8 million in guaranteed pay (a fixed cash reward), this is just a smidge lower than last year. To add to this, Engelbrecht earned a R12 million bonus.

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Shoprite's sales have expanded by over 8% to R168 billion in the past year. Engelbrecht earned around R2.5 million per month while the retail sector's minimum wage sits at approximately R5 500 a month.

Shoprite CEO, Pieter Engelbrecht, 12% increase, almost R30 million
Shoprite CEO Pieter Engelbrecht earned almost R30 million this year. Image: Halden Krog/Bloomberg
Source: Getty Images

According to News24, the retail giant paid R13.7 billion in wages to around 142 602 staff members spread across the continent. The company revealed that its employee turnover dropped to 22.4% in the last year.

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IOL reported that Shoprite also created around 3 897 new positions and brought about R133.9 billion in sales from its supermarkets in SA alone.

R7 900 is what the average South African needs to have a good standard of living

In other business news, Briefly News previously reported that South Africans earning around R7 911 a month have what is called a 'decent standard of living'. The data comes from the Labour Research Service (LSR), Studies in Poverty and Inequality Institute (SPII) and the Southern African Social Policy Research Insights (SASPRI).

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The Decent Standard of Living Project aims to devise a set of necessities covering material possessions, social networks and features of the local neighbourhood. This task has resulted in a list of 27 highlighted necessities; ranging from having access to electricity to being in contact with a person who can look after you in the event that you get sick.

An estimated financial figure of roughly R7 911 has been calculated to cover the costs of the items listed on the DSL project. Indicators such as the food poverty line exist in addition to and have existed before the DSL indicator.

Source: Briefly.co.za

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