-
GR, GRP, PR: What do the French hiking signs mean?
What are the coloured symbols on French hiking routes? Who paints them there and why?
-
Miss France: glam - but not sexy
Miss France organiser Geneviève de Fontenay fears she is fighting a losing battle to protect her 'Cinderella dream' from vulgarity
-
Normandy Landings visit for Queen
Queen Elizabeth has confirmed a state visit to France, ending rumours she is handing over duties to Charles
Bosses’ pay cap to go ahead
The pay of heads of public companies is to be capped at €450,000, says the Finance Minister
PAY of bosses of public companies will be subject to a set ceiling of €450,000 from either this year or next.
How soon this comes in will vary company by company said Finance Minister Pierre Moscovici, confirming plans to put the measure into a law this summer.
As one of his campaign promises François Hollande had promised to cap the bosses’ pay at 20 times that of their lowest-paid workers.
The figure chosen has been based on a comparison with the average pay of the lowest-paid 10% in a sample of 15 companies, the Finance Ministry says.
It is likely to see some other executives’ pay drop as well, so as to retain a hierarchy with the bosses paid the most.
Among those expected to be most affected are EDF boss Henri Proglio who, with earnings of €1.7 million in 2010 is the best-paid public sector boss (compared to the head of privately-owned Michelin, who earned €4.5 million).
Others who will be affected include head of Paris Airports Pierre Graf (€736,000), Areva head Luc Oursel (€679,000) or the head of La Poste, Jean-Paul Bailly (€609,000).
Other perks like stock options, “golden parachutes”, and retraites chapeau (special top-up pensions for bosses), will be subject of a separate law to be presented to parliament in the autumn, the Finance Ministry said.