A drastic salary cut is imminent for drivers such as Verstappen...

Reducing the sky-high costs in Formula 1 has been a topic of discussion for years. With the introduction of the budget ceiling in 2023, an important first step will be taken, but a lot is still not included, including driver salaries. However, the Formula 1 teams have reached an agreement in principle on maximum driver salaries, to be introduced from 2023.

All team bosses agreed to the plan at last Monday’s F1 Commission meeting. The exact amount has yet to be definitively determined, but would amount to around $ 30 million.

Both drivers of a team must be paid from this. In concrete terms, this means that a few people will have to make significant losses compared to now. The most striking example is Lewis Hamilton, whose annual salary is estimated at forty to even 50 million. Assuming that any teammate wants to make a decent living, his salary may well be more than halved.

Incidentally, the annual salaries of Sebastian Vettel and Max Verstappen (in 2020) are also estimated to be higher than the planned limit of thirty million, although Vettel is reportedly going down considerably at Aston Martin next year. However, Verstappen will also have to hand in quite a few million if that limit actually comes. However, the vast majority of drivers currently earn less than half (15 million) of the proposed limit.

Currently, the salaries of the three highest-paid employees – non-drivers – within the team also fall outside the regular budget cap, which is at 145 million dollars by 2021. There is talk of setting a limit for those three combined salaries as well. Incidentally, Formula 1 drivers can continue to supplement their income with personal sponsorship deals that are separate from the salary as a Formula 1 driver.

Albon’s chair legs are faltering and Verstappen has already expressed his preference for Nico Hulkenberg. How long will Red Bull allow Albon to struggle? That and more will be discussed by racing driver Tom Coronel, F1 journalist Ruud Dimmers and host Thomas van Groningen in the latest RN365 podcast, which can be heard below.