Salaries Scandal: Iran to Cap Govt Pay

By John Lee.

Bloomberg reports that Iran will cap monthly government salaries as it tries to contain an uproar over high executive wages that has rocked the country’s financial industry.

IRNA quotes Vice President Mohammad Bagher Nobakht as saying that a monthly limit of $3,200 will apply to officials including the heads of the executive, judicial and legislative branches of government, while the monthly salaries of non-government officials will be limited to about $6,200.

The move follows reports of top managers at some of the nation’s leading financial institutions earning tens of thousands of dollars a month; four bank bosses have quit or were replaced after details of their salaries were leaked.

(Source: Bloomberg)

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