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Sunday, January 9, 2011

If he wants a pay packet of £7 million, then he should work for the private sector

Public sector employee, Stephen Hester -  the chief executive of Royal Bank of Scotland - will pick up £6.82 million this year.

His remuneration package will include:

  • A 2010 performance bonus of £2.5 million:
  • A £1.2m annual salary: 
  • £420,000 worth of pension contributions. (Thankfully, he is not part of the bank's regular pension scheme. )
Since he is likely to pick up something similar next year, I wonder whether it would be cheaper to fire him right now.

Come on, Mr. Cameron, this won't be the most difficult problem to cross your desk this week.

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