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Hollande Cuts Ministers’ Pay by a Third at First Cabinet Meeting

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May 17 (Bloomberg) -- French President Francois Hollande cut his government pay’s by almost a third at his first cabinet meeting, fulfilling an election promise.

French ministers will now be paid 9,940 euros ($12,628) a month instead of the 14,200 euros that former president Nicolas Sarkozy’s ministers earned. The salary of the president and prime minister will be 14,910 euros, down from 21,300 euros.

The pay cut will take effect immediately even though it won’t be approved by lawmakers until next month at the earliest. Sarkozy aligned his own pay with the prime minister’s when he took office five years ago, generating a 30 percent pay increase that drew criticism and was cited among the decisions that cost him a second term.

“Exemplarity and efficiency are the guiding principles of this government,” Najat Vallaud-Belkacem, women’s minister and government spokeswoman, said after the meeting today.

To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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