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Portugal Caps Public Sector Managers’ Pay as It Cuts Spending

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Feb. 9 (Bloomberg) -- The Portuguese government said it approved a diploma that prohibits managers at state-owned companies from earning a higher salary than the prime minister.

The measure is part of a plan to increase savings in the public sector and excludes certain companies that are subject to “free market competition,” Helder Rosalino, secretary of state for public administration, said at a press conference today following the weekly cabinet meeting.

These companies include state-owned bank Caixa Geral de Depositos SA, airline TAP SGPS SA, postal operator CTT-Correios de Portugal and broadcaster Radio e Televisao de Portugal SA. The government wants to ensure these companies will maintain their “capacity to attract” managers, Rosalino said.

Portugal requested a bailout from the European Union and the International Monetary Fund last year.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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