Italy institutes salary cap for government-run companies

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http://www.rawstory.com/rs/2014/03/28/italy-institutes-salary-cap-for-government-run-companies/



Italy institutes salary cap for government-run companies
By Agence France-Presse
Friday, March 28, 2014 16:31 EDT

Italy will cap salaries at some of the country’s biggest public companies, the new government of 39-year-old Matteo Renzi announced on Friday, though some major groups will be exempt.

Government-controlled companies will now have top pay capped at the same level as the head of Italy’s top court as part of Renzi’s promise to cut back spending without further hurting the economy.

Chief executives at companies, including the Motorway agency ANAS and RAI state television, will now see their pay capped at 311,000 euros a year ($425,000), when the decree comes into force on April 1st.

However, public companies floated on the stock exchange or that raise debt through bonds, will be exempt from the rule, leaving out major groups like oil giant ENI, transport group Finmeccanica and the national post office.