Sergio Perez 's salary is still dwarfed by that of Max Verstappen despite his new contract with Red Bull.
The Mexican was rewarded for his fine form so far this season with a new deal, announced last week after his Monaco Grand Prix victory. It means he will partner the defending world champion until at least the end of the 2024 season and ends Pierre Gasly 's hopes of securing a second shot with the team.
Perez is also said to have been given a pay rise to a salary more befitting a driver who may be involved in a title battle this season. He is only 15 points behind Verstappen, who leads the championship after seven races, with Charles Leclerc the other racer in the mix at the moment.
According to French sports business outlet Sportune, the 32-year-old is now guaranteed £6m per year with another potential £2.6m in bonuses. That is a significant increase on his previous deal, which reportedly only guaranteed him £4.2m every season with a similar bonus figure.
The report adds that he was able to negotiate such a significant rise because of the level of sponsorship he brings into the team. The cash Red Bull earns from Mexican sponsors because of Perez is believed to total around £17m per year. This pot also helped him to leverage a two-year deal, rather than the team's preferred option of one year with the potential for an extension.
Despite his pay rise, though, Perez is still a long way down the list when it comes to the highest paid current F1 drivers on the grid. Eight others are ahead of him, including four from teams who are not considered to be among the frontrunners for titles.
Ferrari pair Leclerc and Carlos Sainz reportedly have complete parity when it comes to base salary, earning £9.8m each per year after the Spaniard's recent extension. Daniel Ricciardo and Sebastian Vettel are next on the list, taking home £12.2m each annually while Fernando Alonso costs Alpine £15m per season.
The other McLaren driver, Lando Norris, commands £16m per season, with his salary only eclipsed by those of last season's two title race protagonists. Verstappen's mega-money new deal, which runs until 2028, supposedly sees him earn £32m per year – around the same as what Lewis Hamilton gets from Mercedes.
So despite his pay rise and increased career security, Perez is still dwarfed by his team-mate in terms of financial compensation. Verstappen earns more than five times what the Mexican does every year in terms of base salary, despite things being tight in the championship between them.
