Mika Hakkinen urges F1 drivers to seek substantial pay increase despite Max Verstappen’s $45 million salary

In their relentless pursuit of entertaining Formula One enthusiasts worldwide, drivers engage in a tedious schedule of back-to-back competitions across various circuits. Not only do they travel frequently, but they also bear the inevitable challenges of jet lag, all while bearing the fierce competition on the racetrack.

Recently, Mika Pauli Häkkinen expressed his belief that despite the immense efforts and hard work by the drivers throughout the year, they are not getting the satisfying compensation they should deserve for their consistent performances. Therefore, he has urged fellow drivers to collectively ask for a pay rise in the upcoming season from the FIA.

Mika Hakkinen urges F1 drivers to seek substantial pay increase

Max Verstappen, according to Forbes, commanded a staggering $45 million in salary alone in the year 2023, with the addition of bonuses. However, the legendary driver of Formula One and two-time World Champion Mika Pauli Häkkinen expressed that he would have demanded more if he were in the shoes of the Red Bull driver.

Hakkinen’s perspective is aimed at the evolving landscape of Formula One, with the sport hosting 22 races in 2023, a number set to increase to 24 in 2024. The experienced driver underscored a crucial issue: the efforts needed for a demanding schedule, particularly the challenge of back-to-back races. Due to his own experiences, Hakkinen highlighted the concern of driver fatigue, a factor he initially observed during his 2024 races.

While the Finnish driver acknowledged that the increasing number of races might not be the primary issue, he brought attention to the physical and mental strain placed on drivers as they keep on consistently travelling to different locations without getting the time to fully heal from the previous races.

In a video posted on YouTube, Hakkinen said, “If I still drove in F1 and saw the number of races, I would have stern negotiations with the team about the compensation.”

What is the F1 drivers’ average salary?

Formula One drivers’ earnings are tied to a combination of factors, including their on-track performances, demand on the competitive grid, and their personal experience in the industry. In the realm of 2023, it comes as no surprise that Max Verstappen, the reigning third-time World Champion, stands atop as the highest-paid driver in the industry.

The broader context reveals that the average salary of Formula One drivers is above $12 million per year. However, the range of earnings is spectacularly vast, varying from $1 million to an impressive $50 million. Behind Verstappen is the experienced driver, Lewis Hamilton, securing $35 million. Following closely is Charles Leclerc, whose total earnings amount to a substantial $24 million.

What are your opinions on Verstappen’s salary? Let us know in the comment section below.