The CEO of Loblaws has recently faced criticism after a report was released on the details of his earnings last year.
In recent weeks, Galen Weston’s annual earnings have been under the spotlight after concerns have been raised by the federal government regarding the inflation of grocery costs throughout the country.
In 2022, Weston earned $8.4 million in total earnings during the fiscal year as the CEO of Loblaw Companies Ltd. Though it doesn’t end there, as the head of George Weston Ltd. his earnings amassed $11.7 million in 2022, an increase of $1.1 million from the year before.
In stark contrast to those employed at Loblaws grocery chains across the country, Statistics Canada reports the average grocery worker in Canada earned $18.97 per hour in 2022.
When you crunch the numbers, those working a 35 hour week with annual earnings of $34,525 a year would take more than 340 years to earn Weston’s $11.7 million dollar profit.
In a response to these numbers, Unifor’s National President, Lana Payne criticized Weston’s priorities as the influential grocery baron.
“It is twisted that any analysis can find that billionaire grocery baron Galen Weston needs even more money when Loblaw refuses to pay many of its front-line workers a living wage and continues to deny full-time jobs.,” said Lana Payne, Unifor National President.
“I understand the pressures that come with leadership, and you cannot for a second convince me that such an increase for one of Canada’s richest people is justified.”
Representing 20,000 Canadian retail workers, Unifor is currently at the bargaining table with Loblaw, Metro and Sobeys among others major grocery chains to provide increased wages for workers currently on the poverty line.
“Let’s see if these companies are as generous with their frontline workers as they are to their executives. We’re putting grocery barons on notice that they cannot continue to pay poverty wages with part-time status for full-time work,” said Payne.
Unifor is not the only notable name questioning the business strategies of the major grocery chain.
During a committee meeting in March, NDP leader Jagmeet Singh questioned Weston in a heated exchange. In Singh’s opinion, Loblaws stores are making high profits while most Canadians cannot afford groceries.
Today, Singh took to Twitter, responding to the announcement of Westons 55% pay raise, 431 times the salary of the average employee.
Add your name if you agree.https://t.co/j8ms04LjuQ
— Jagmeet Singh (@theJagmeetSingh) April 5, 2023
In response to this news, the NDP has launched a petition to tax Weston’s recent raise by 50%, giving it back to families and food banks.
With the recent criticism raised against major grocery giants such as Loblaws, do you think Weston’s earnings should be taxed?
