Russia Looks to Cap 'Golden Parachutes' for State Managers

© Fotolia / V.P.Russia Looks to Cap 'Golden Parachutes' for State Managers
Russia Looks to Cap 'Golden Parachutes' for State Managers - Sputnik International
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The Russian government said Monday that it will examine legislation to limit the size of severance payments made to senior executives leaving state-controlled companies.

MOSCOW, October 28 (RIA Novosti) – The Russian government said Monday that it will examine legislation to limit the size of severance payments made to senior executives leaving state-controlled companies.

Under the proposed changes to the tax code, the upper limit for “golden parachutes” for top managers in companies in which the state holds more than a 50 percent stake will be restricted to six times their average monthly salary.

The move appears aimed at addressing deep-set public unhappiness over perceived wealth inequality in the oil-rich nation.

Answering a question on a 201 million ruble ($6.3 million) payment made to the departing head of a state-controlled telecommunications giant earlier this year, President Vladimir Putin said in March that limits should be placed on severance packages.

The average monthly salary in Russia, where about 18 million people live below the official poverty line, was 26,628 rubles ($837) in 2012, according to the State Statistics Service.

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