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Mirror Money In Dublin: EXECUTIVES SITTING ON CASH PILES.

Byline: with JOHN HUSBAND, KEVAN REILLY and ANNA DAY

EXECUTIVES in Dublin are earning an average salary of just over E70,000 a year, according to the latest survey on pay.

The Dublin average of EUR70,647 was up almost 6 per cent on last year said Inbrucon Ireland yesterday.

It compares to an average pay package of EUR47,580in the rest of Leinster, E57,562 in Munster and EUR65,451 in Connacht and Ulster, the survey showed.

The increase in executive and managerial salaries of 5.99 per cent during 2003-04 compared to an inflation figure over the period of just 2.3 per cent, said the report.

Bonus incentive schemes, which are based on various factors such as company or individual targets, results and profits, showed a marked increase year on year.

The overall percentage of executives receiving a bonus increased to 62 per cent this year from 42 per cent in 2003, said Inbucon, and the average value of bonuses had increased from EUR11,257 to E15,054. The highest bonuses, averaging EUR43,670, were paid to managing directors, who were followed by full-time directors of the board who received an average bonus of E35,919.

But the study indicated that fringe benefits had declined since last year. The overall proportion of executives in profit-sharing schemes showed a drop from 15.5 per cent to 14 per cent this year. Share option schemes also fell from 16 per cent to less than 11 per cent.

The highest earners by industry are executives in public administration, food, drink and tobacco, and hotels and catering.

At the lower end of the scale executives in medical devices companies, rubber and plastics, and timber and furniture fared less well.

In terms of turnover, a functional director in a company with a turnover of under EUR5m receives an average basic salary of EUR83,649, while his counter part in a company with a turnover of over EUR250m can expect to receive E97,826.

The highest earners, apart from managing directors, were directors of information technology.
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Title Annotation:Business
Publication:The Mirror (London, England)
Date:Oct 15, 2004
Words:343
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