Tesco boss gets £4.4m pay hike amid cost of living crisis
The boss of Tesco received a £4.4 million pay packet for the past year, it has been revealed, as shoppers continue to face record rises in food prices.
Nevertheless, the payout for chief executive officer Ken Murphy was less than the £4.75 million package he was given a year earlier.
The supermarket giant's latest annual report shows Mr Murphy got a total pay deal of £4.44 million, including bonuses and other benefits, for the year to February.
That is around 197 times that of the average Tesco worker, according to the report.
The deal included a base salary of £1.37 million for the year, while Mr Murphy also received £2.73 million in an annual bonus, alongside other benefits and pension payments.
Meanwhile, the group's finance chief Imran Nawaz received a £3 million total pay package for the year, including £1.36 million in bonuses.
Mr Murphy will see his base salary increase by 3 per cent next year, while Mr Nawaz will get a 4 per cent increase.
It comes after Tesco reported a roughly £1 billion profit for the year to February last month.
The retailer's profit was, however, less than half of the more than £2 billion it made a year earlier.
Total sales values grew 7.2 per cent over the year, although volume of items sold declined as shopping habits were impacted by rocketing food and drink inflation.
In March, UK food and drink inflation rose to 19.1 per cent, the sharpest jump since 1977.
Tesco and Sainsbury's are among chains to have reduced the price of milk, bread and butter in recent weeks.