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Woolworths faces a total bill of $500 million for employee underpayments between 2015 to 2019, its annual report has revealed.

In response, Chief Executive Brad Banducci and Chief People Officer Caryn Katsikogianis will forfeit their entire short-term incentives for the 2020 financial year.

Woolowrth’s annual report says that Banducci’s target short-term incentive in 2020 was $1.3 million, although he still received total remuneration of about $9.4 million, comprising $2.6 million in fixed remuneration and $6.8 million in vested shares.

The annual report says that, as at June 28, Woolworths had recognised total one-off costs for salaried team remediation of $500 million, including $390 million on salary payment shortfalls and $110 million in interest and other remediation costs.

The report says initial payments of $117 million were made, of which $104 million was paid to affected employees for the financial years from 2015 to 2019, with the remaining $13 million relating to payroll tax and other costs.

A further payment of $141 million was made in July, of which $134 million was paid to affected team members, with the remaining $7 million relating to payroll tax.

The report says that $238 million has been repaid so far, but a class action over the underpayments is afoot in the Federal Court which alleges the underpayments were higher than admitted and go back further in time.