Spanish government to introduce pay caps for state company bosses

The Spanish Government is to cut pay for heads of state companies by around a quarter, as part of its crisis spending cuts.

Spanish government to introduce pay caps for state company bosses

The Spanish Government is to cut pay for heads of state companies by around a quarter, as part of its crisis spending cuts.

Pay is to be limited to €105,000 for the heads of the biggest State firms, €80,000 for medium-sized ones and €55,000 for the smallest.

"Today we are taking a further step in our austerity policy of cost containment," Deputy Prime Minister Soraya Saenz de Santamaria said.

"We are setting limits on pay, slightly lower than those that are being introduced in the private sector [for comparable companies]."

The pay caps represent cuts of "between 25-30%" compared to current levels.

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