Tesco boss doesn’t pay UK tax on his £10m pay packet

  • Post last modified:May 15, 2024
  • Reading time:5 mins read

Tesco has caused uproar after it announced its boss’s huge salary – which is around 447 times greater than it’s lowest-paid worker. It comes as the supermarket giant is also ripping off farmers, and being a dick about how charities can collect its unsold food. But just to round this story off – what if we told your the Tesco CEO doesn’t even pay tax in the UK?

Tesco: eye-watering payrise for CEO

As BBC News reported:

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.

The rest came from shares that were awarded to Mr Murphy when he joined and paid out this year after he surpassed a number of performance targets.

For the coming year, Mr Murphy’s basic salary will be increased by 3%, which Tesco said was below a raise for its UK hourly-paid colleagues.

The company said: “When considering base salary increases for our senior executives, the committee continues to be mindful of both the wider colleague experience and our fairness principles.”

Tesco staff earn £12.02 or £13.15 an hour, depending on where they work.

Murphy’s £4.4m pay rise from the year before means his pay is 447 times greater than a full time Tesco worker at the lower quartile of the workforce and 431 times greater than the median Tesco employee.

Capitalism on steroids

Of course, his huge pay packet is also at the expense of struggling working-class people. As one person on X pointed out:

The supermarket giant is also ripping off farmers:

Moreover, Tesco is also now restricting when charities can collect unsold food from it:

Tesco: every little helps… us

Luke Hildyard, executive director of the High Pay Centre, highlighted the extreme disparity between the CEO’s pay and the pay of the supermarket giant’s workers.

This is the third highest gap between the CEO of any firm and their typical employee recorded since pay ratio reporting began five years ago.

You couldn’t really get a better indicator of how the UK economy serves the interests of the super rich at the expense of everybody else than this – a multi-millionaire chief executive trousering another £10 million while their customers endure major price rises and their employees have to get by on less than a quarter of a percent of what the CEO takes home.

Just to top this whole story off, Murphy reportedly doesn’t (or at least hasn’t been) even pay tax in the UK – as in 2023 the Standard reported he was non-dommed to the Republic of Ireland:

Every little fucking helps if you’re a millionaire CEO, hey? Sadly the same doesn’t apply for the rest of us – despite Tesco’s claims.

Featured image supplied

Source link