It is indeed the never -ending story . While you struggle to make ends meet and pay those bills and perhaps , just perhaps , indulge in a small luxury or two , the capitalist class goes on awarding themselves inflation breaking pay rises and shameless special share-issue perks .
Justin King, chief executive of J Sainsbury, is in line to earn up to £13.6 million in cash and shares in the year ahead after a pay rise and bonus increase . The supermarket’s annual report, published yesterday, revealed that Mr King was paid £1.92 million in the year to March . He has received a 17.2 per cent rise in basic salary to £850,000 and a 41 per cent increase in pension payments to £255,000.
In the year to March 2007, Sainsbury’s set aside shares equivalent to 180 per cent of his salary for Mr King under a long-term incentive plan. In the year to March 2008, the company intends to set aside shares equivalent to 250 per cent of Mr King’s salary. Mr King is already on course for a payout of 1.66 million shares, worth £9.1 million at yesterday’s share price, in May next year.
Darren Shapland, the finance director, is receiving a rise in his basic salary to £500,000 from £450,000 and a share award worth 50% of his salary, up from 35% the year before.
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