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Thursday, February 2, 2023

That’s how much Austria’s top managers earn

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According to AK calculations, Bawag boss Anas Abuzaakouk only has to work 12 hours and 45 minutes to achieve the average annual income of Austrian employees. Heimo Scheuch from Wienerberger had to work 1.6 days and Peter Oswald Mayr Melnhof 1.9 days.

For Wolfgang Leitner from Andritz it was 2.4 days, for Herbert Eibensteiner from voestalpine it was 2.7 days. Georg Pölzl from the partially state-owned Post AG would have to work 4 days, the Chamber of Labor calculated today.

Average annual earnings of 2.8 million euros

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“With an hourly wage of 729 euros, a CEO only has to work an average of 48 hours to achieve the median annual income of an Austrian employee: with a 12-hour day, that’s exactly four working days. Since January 1st is a Sunday and If there is a public holiday, an ATX CEO will on average have already earned the median income of an Austrian employee by the end of his fourth working day on Thursday, January 5, 2023,” according to the chamber. On average, an ATX CEO earned around 2.8 million euros in 2021, a third more than in 2020. The remuneration is 80 times higher than the median income of an employee in Austria.

The Chamber of Labor demands that the supervisory board of listed companies define an appropriate relationship between management board remuneration and the workforce. In addition to the appropriateness factor, the remuneration policy should provide for maximum limits for the individual remuneration of the Management Board members and for individual remuneration components.

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The Chamber itself sets a good example when it comes to transparency and publishes its chief salaries on the Internet. President Renate Anderl earns 7,256.95 euros net per month and is not entitled to severance pay or pension. The remuneration of the President is regulated according to the Remuneration Limitation Act. The function fee is paid 14 times a year, according to the Chamber of Labor.

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Source: Nachrichten

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