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Spain's CEOs defy crisis to earn €788 an hour

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Spain's CEOs defy crisis to earn €788 an hour
Skyscrapers Photo: Amio Cajander/Flickr
11:51 CEST+02:00
The pre-bonus salaries of Spain's top executives are the second highest in Europe, research by the Federation of European Employers released on Monday shows.

Spain's CEOs take in a median base salary of €788 ($1040) per hour, while that figure tops out at a healthy €946 for every 60 minutes, according to the human resources think tank.

At the same time, the salary gap in Spain is among Europe's largest. While the country's CEO fare very well, secretaries in the country bring in only a median €12.41 an hour.

The lowest occupational group in Spain only earns €3.85. 

In terms of CEOs across Europe, only Italy's fare better: they can earn up to €1,144 per hour.

By comparison, the base salaries of UK's top executives hit their maximum at €592 an hour, the figures from the Federation of European Employers (FedEE) show.

French CEO's meanwhile are at the foot of the table, collecting 'only' €545 an hour on average.

The study looks at median pay figures for 32 job positions in 47 different countries and territories in Europe but does not include bonuses or commissions.

Also excluded are the payment of 13th and 14th months, share options and travel allowances. 

Another report into European salaries run by the consulting firm Hostettler, Kramarsch & Partner for the 2011 financial year found that executives in Switzerland, the UK and Germany earn the highest salaries once all bonuses and extras are factored in.

In March, Swiss voters gave the green light to a curbs on executive wages. 

Some 68 percent of voters in the country backed the move which allows shareholders to decide on executive pay levels and means company directors will have to face yearly re-elections.  

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