Public-sector wage-ceiling applied to state-owned companies as well

Budapest, September 3, 2010 (MTI-ECONEWS) – The regulation stipulating a HUF 2m ceiling on salaries of public-sector employees does not affect state-owned companies, though is applied to them as well, according to information from the National Development Ministry (NFM).

Data published on the website of the state-owned development bank MFB shows the bank’s CEO earns a monthly salary of HUF 2m and the deputy CEO HUF 1.9m, while they may receive a bonus of up to 80pc of their salary.

    At the National Asset Management Company MNV, the CEO and the general deputy CEO earn HUF 2m per month and they are entitled to a maximum ten months’ bonus if certain pre-specified targets are met, according to information from the MNV website.

    The CEO of the Hungarian Electricity Works (MVM) also earns HUF 2m per month and is entitled to a maximum 80pc of his salary in bonuses if pre-set targets are fully met. The deputy CEOs earn HUF 1.69m, HUF 1.7m and HUF 1.9m and their bonuses are set at 60pc of their salaries.

    Szerencsejatek Zrt’s CEO has a monthly wage of HUF 2m and is entitled to a further 80pc of this amount depending on performance.

    Magyar Posta officials told MTI that the company has no manager earning more than HUF 2m.

    The CEO of the railway company MAV also earns HUF 2m per month, while the two deputy CEO’s have a monthly salary of HUF 2.3m and HUF 2.5m and all three are entitled to a maximum bonus of 80pc of their salaries if company targets are fulfilled.








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