Hefty pay rise for Perez, but nowhere near Verstappen's

Since the departure of Daniel Ricciardo at Red Bull Racing, the team had a tough time finding a good teammate alongside Max Verstappen. Pierre Gasly and Alexander Albon went down with the Austrian team, but Sergio Perez appears to be an ideal teammate for the Dutchman. An extension of his contract was therefore only a matter of time for the Mexican.

Pay rise for Perez

In Monaco, Perez signed on for two years. After winning the Grand Prix that weekend, he mistakenly said he had signed too early. With that victory under his belt, he might have been able to negotiate a better salary, but the 32-year-old driver is nonetheless sitting pretty financially for the next few years.

The French Sportune says it knows the details of the new contract and lets it be known that Perez has received a nice salary increase. Last year Perez received a base salary of five million euros, in the new contract this has been increased to seven million euros. In addition, there is also a performance bonus of three million euros. With the current form of Perez that should be all right.

Not yet at salary level Verstappen

In addition to his salary as a driver at Red Bull Racing, Perez also has his Mexican sponsor whom he guarantees. That economic guarantee is set at twenty million euros per year from 2021. Perez can therefore add a lot of money to his bank account in the coming years, but the Mexican does not yet come close to his teammate. Verstappen reportedly earns forty million euros per year, making him the highest earning Formula 1 driver.