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France caps pay at state companies at $560,000

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France caps pay at state companies at $560,000
Submitted by Fox First at Ten on June 13th

PARIS (AP) - France's finance minister has unveiled a plan to cap the pay of top executives at state-owned companies at €450,000 ($562,140).
The pay cap was part of President Francois Hollande's campaign pledge to reign in corporate excesses, which he blames in part for the financial crisis.
The move affects only a fraction of French executives, but includes such well-known state-run companies as the SNCF railways, La Poste postal service, and EDF electric company.
Finance Minister Pierre Moscovici said at a press conference Wednesday the cap will be instituted across all state-owned companies by the end of the year.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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