Government to limit top pay

The Belgian Government intends to rein in the salaries of the country's captains of industry. The move comes after it emerged that the CEO of the telecom giant Belgacom earned 2.6 million euros last year.

2.6 million after tax equals eighty times the average wage at Belgacom.

The Belgian Minister for Publicly-owned Businesses Paul Magnette (Francophone socialist) says that this difference is too much and absurd. The minister added that there is now a political agreement within the government that will lead to a reining in of top salaries.

"Unfortunately under the last government there wasn't a majority in favour of limiting top wages. The Di Rupo Government has made a commitment to limit the difference between the highest and the lowest wages to what is reasonable."

The opposition greens have already made it clear that they believe that a CEO of a publicly-owned business should not earn more than the minister to whom he or she is answerable. The unions argue that CEOs shouldn't earn more than thirty times the lowest pay in a business.