Irish bosses among Europe’s best-paid

SENIOR managers here are among the best-paid in Europe, according to a survey by international consulting group Mercer.

The human resource specialists said Irish managers were paid an average salary of almost €89,000. Pay packets were only higher in five other European countries - Switzerland, Germany, Austria, the Netherlands and Belgium.

But there was even better news, as research found higher taxes and living costs in other countries meant Irish bosses were in the top four for spending power. Salaries in Belgium and the Netherlands were higher than in Ireland, at an average €91,000, but Mercer said disposable income in these countries was lower.

“While senior managers in some European countries earn large salaries, their purchasing power can be significantly reduced by high tax and living costs,” said Mercer senior consultant Lorna Byrne.

Switzerland topped the table with average salaries topping €133,000. Germany and Austria were next on the list at €108,000 and €101,000, respectively. Ireland nudged ahead of Britain, where salaries were about €700 lower. Latvia, Hungary and Estonia brought up the rear of Mercer’s survey, which covered 24 countries. Latvia’s average salary of €28,000 was less than a quarter the level in Switzerland.

Ms Byrne said the figures showed the attraction of the single EU market for skilled managers in countries where disposable income was hit by relatively high tax. “Within the single European market we continue to see significant differences in pay, tax and social security levels,” said Ms Byrne. “As competition for talented employees intensifies, people with transferable skills may be more attracted to countries with good, affordable living standards than places where gross pay is higher.”

The survey found senior managers in Hong Kong, Australia, Japan and the United States had more spending power than the European average.