Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

Fuck you tesco!

62 replies

JacketPotatoFoodOfTheGods · 14/05/2024 18:28

The boss of Tesco has seen his pay package more than double to £10m following a bumper share award. Ken Murphy, who took over as chief executive of the UK's largest supermarket group in October 2020, was paid £4.7m in salary and bonuses in the year to February

Seriously?! Most people struggling with massive hikes in the cost of living and this multi millionaire mire than doubles his income.

OP posts:
BuckFadger · 14/05/2024 23:10

Kendodd · 14/05/2024 22:33

I wonder what would happen if the shareholders revolted and set a maximum pay of £1 million ? Setting aside the employment legalities with this bloke. OK, he might quit but I'm sure they'll be able to find someone willing to do it. And then what? That person would be really shit because they 'only' got paid a million quid? I struggle to believe this. In fact I just don't believe it.
Apparently women in high flying roles like this have a pay gap with men. Does this mean women are rubbish at running things compared to men? Or is something else going on? As far as I can see its just a big fat lie that you have to pay this sort of money to get the best results. I don't know why shareholders put up with it. In fact I do know why, it's because the shareholders are mostly big pension and managed funds run by people on astronomical salaries so have an interest in keeping the lie going.

His fixed salary is £1.6 million. His total remuneration of £10million mostly comes from bonuses and share plans for hitting targets. Hitting targets usually means profits have risen which often translates into more dividends for shareholders.

No shareholder would be dumb enough to limit the CEO salary to a fixed £1 million.

MrsJackThornton · 14/05/2024 23:11

Charlie2121 · 14/05/2024 22:27

Nobody would apply for the CEO job if it only paid 5x minimum wage.

Show quote history

Yes that was rather my point

In a company that can afford to pay its CEO this, it can afford to pay its employees a living wage so we arent propping up their profits with benefits

And yes 5x was probably a little low, I was just making a point rather than a costed plan

CutthroatDruTheViolent · 14/05/2024 23:38

Husband works for them. Has seen his salary increase to about 10p above the minimum wage. Disgusting.

Interested in this thread?

Then you might like threads about these subjects:

Cost of living News
Delawear · 14/05/2024 23:41

Churchview · 14/05/2024 19:23

This is so true.

They could cut their prices, pay their staff more, improve the facilities in the shops, invest something in the local communities or perhaps even stop my local store smelling like sewage. I can't go in their as it stinks so badly...the poor staff.
https://www.bristolpost.co.uk/news/local-news/rancid-smell-lingers-over-tesco-9067406

Show quote history

This 💯 %

FieldsOfFlours · 14/05/2024 23:50

i haven’t RTFT but did you know they also used a legal loophole to not pay the increased minimum wage for almost a month, saving them millions? Because of how their pay periods work, it wasn’t implemented until something like the 26th of the month.

Charlie2121 · 14/05/2024 23:51

MrsJackThornton · 14/05/2024 23:11

Yes that was rather my point

In a company that can afford to pay its CEO this, it can afford to pay its employees a living wage so we arent propping up their profits with benefits

And yes 5x was probably a little low, I was just making a point rather than a costed plan

Show quote history

I’m not sure that follows.

If the CEO took no salary, bonus or shares and distributed the 10m amongst all the other employees it would amount to a pay rise of about 50p per week each before tax.

MrsJackThornton · 14/05/2024 23:53

Charlie2121 · 14/05/2024 23:51

I’m not sure that follows.

If the CEO took no salary, bonus or shares and distributed the 10m amongst all the other employees it would amount to a pay rise of about 50p per week each before tax.

Show quote history

Again not my point. I'm not suggesting that the OPs pay be divided amoungst the workers.

Im suggesting that the fact that the average CEOs salary is 118 times higher than the average employees salary now, and it was only 79 times higher 4 years ago, and its been steadily increasing is an issue.

If the CEOs salary was dictated by what they pay their workers then that divide would be narrowed to more normal levels

unsync · 15/05/2024 00:02

Having had experience of Tesco on the supply side and the way they treat their suppliers, I do my shopping elsewhere. They'll not get a penny of my money.

Hothotdamage · 15/05/2024 07:45

nearlylovemyusername · 14/05/2024 22:24

This is soooo true!
UK food is so much cheaper than in continental Europe! just go to www.carrefour.fr for some fun checking prices

Show quote history

UK supermarkets are around average in Europe. Germany has the cheapest, France the most expensive.
The BBC looked at this a year or so ago.

Teddleshon · 15/05/2024 08:30

That BBC survey found that British food was 7% cheaper than the EU average.

Teddleshon · 15/05/2024 08:31

Oops I meant the survey was by Oxford Economics but it’s the one quoted by the BBC.

TwigTheWonderKid · 15/05/2024 08:45

BuckFadger · 14/05/2024 18:51

I cannot get myself worked up about this. It's private sector business and they employ over 300,000 people in the United Kingdom. If you have issue with the top bosses salary then don't shop at Tesco.

We should be far more concerned about how public sector money is spent.

Except out of the big 4 supermarkets, Tesco pay the lowest which means that tax payers are subsidising Tesco because their staff have to claim in work benefit in order to survive.

New posts on this thread. Refresh page
Swipe left for the next trending thread