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| France Télécom boss pledges pay cut to avoid Hollande 'supertax' | France Télécom boss pledges pay cut to avoid Hollande 'supertax' |
| (7 days later) | |
| The head of France Télécom has pledged to take a pay cut if the country's Socialist government introduces its 75% "supertax" band on high salaries. | The head of France Télécom has pledged to take a pay cut if the country's Socialist government introduces its 75% "supertax" band on high salaries. |
| Stéphane Richard said he would reduce his annual salary to below €1m (£855,000), the level at which the proposed tax would be applied, to save the company from having to pay it. | Stéphane Richard said he would reduce his annual salary to below €1m (£855,000), the level at which the proposed tax would be applied, to save the company from having to pay it. |
| The tax, one of President François Hollande's key election pledges, is aimed at soothing public anger at perceived fat cat salaries at a time of high unemployment and economic belt-tightening among the general population. | The tax, one of President François Hollande's key election pledges, is aimed at soothing public anger at perceived fat cat salaries at a time of high unemployment and economic belt-tightening among the general population. |
| However, it has angered big business leaders who claim they are bearing the brunt of reforms intended to rein in France's public deficit. | However, it has angered big business leaders who claim they are bearing the brunt of reforms intended to rein in France's public deficit. |
| After France's highest court threw out a plan to impose the 75% rate on individuals at the end of last year, Hollande vowed to make firms pay it instead. | After France's highest court threw out a plan to impose the 75% rate on individuals at the end of last year, Hollande vowed to make firms pay it instead. |
| Richard told the centre-right newspaper Le Figaro: "If the law is adopted … I will make sure my pay is reduced below the €1m mark. I wouldn't want France Télécom to have to pay this tax on my salary." | Richard told the centre-right newspaper Le Figaro: "If the law is adopted … I will make sure my pay is reduced below the €1m mark. I wouldn't want France Télécom to have to pay this tax on my salary." |
| Richard is the first head of a state-backed company to make the stand. France Télécom, which is 27% public-owned, paid Richard a fixed salary of €900,000 (£769,000) last year with a performance-based bonus of €600,000 (£512,000). He is due to be paid the same salary and bonus in 2013. | Richard is the first head of a state-backed company to make the stand. France Télécom, which is 27% public-owned, paid Richard a fixed salary of €900,000 (£769,000) last year with a performance-based bonus of €600,000 (£512,000). He is due to be paid the same salary and bonus in 2013. |
| Richard was chief of staff to the finance minister Christine Lagarde – now head of the International Monetary Fund - under Hollande's predecessor, Nicolas Sarkozy. His France Télécom salary is reportedly the 37th highest among the companies listed on France's CAC 40 stock exchange. | Richard was chief of staff to the finance minister Christine Lagarde – now head of the International Monetary Fund - under Hollande's predecessor, Nicolas Sarkozy. His France Télécom salary is reportedly the 37th highest among the companies listed on France's CAC 40 stock exchange. |
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