Finance minister: salary caps for state firm executives to start taking effect from next month

18-05-2010

Cuts in the salaries of executives at state-owned companies in the Czech Republic will begin next month, the minister of finance, Eduard Janota, told the newspaper E15. He said the interim Czech government was discussing a salary cap for senior managers with a view to the measure being pushed through at annual general meetings and extraordinary general meetings of firms majority owned by the state. Minister Janota has put forward a raft of cost-cutting measures in an effort to deal with the Czech Republic’s large budget deficit.