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Tesco boss’s pay rises by more than £1m to £10.8m after market share surge

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The boss of Tesco made £10.8m last year, about £1m more than the year before, as the UK’s biggest supermarket hit its highest share of the market in a decade. Ken Murphy could make even more this year after being handed a 3% rise in basic pay to £1.54m and cutting food waste was scrapped as a target for his long-term bonus, according to Tesco’s annual report. Last year’s pay included £1.51m in basic pay, a £3.4m annual bonus and a £5.7m long-term bonus which includes shares in the company. Tesco takes more than £1 in every £4 spent on groceries in Britain , and has been helped by the weakness of rivals Asda and Morrisons. Murphy’s long-term bonus was almost a quarter lower than the maximum possible as he failed to hit Tesco’s food waste target – which was to cut food waste by 50% by December. He was also awarded just one percentage point out of 8.3 on offer for diversity, equity and inclusion measures.…

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