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Govt limits the salaries of public sector directors

Sat 18th Feb 2012
Govt limits the salaries of public sector directors

The Cabinet yesterday announced the decision to cut public sector salaries, and cap all salaries for senior executives at a maximum of €105'000 per year, which in many cases would mean that the senior directors of larger public companies would see decreases of as much as 30%.

Soraya Sáenz de Santamaría, the Government Spokesperson, said how directors of medium sized companies would have capped earnings of €80,000 per year, with the directors of smaller public companies having salaries capped at €55'000 per year.

The Government also plans to reduce the number of directors that public companies can employ, with larger companies being limited to no more than 15 directors, medium companies no more than 12 directors, and with smaller public companies having no more than 9.

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