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neha
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Mon Sep 28, 2009 10:27 am
Post subject: Engineering bosses raking in big bucks Post
Engineering executives are rolling in it, heading up top-tier salaries, while the public service executive salary languishes, a new survey shows.

Strategic Pay's survey of chief executive and top executive salaries showed that the engineering bosses in New Zealand's largest infrastructure companies were pulling in median pay packets of $300,000, twice what the average public sector chief executive gets.

Strategic Pay chairman John McGill said the boost in infrastructure salaries reflected the large projects and investment in that sector.

Despite the public sector being the ones pumping the money in to roads, bridges and other major projects, the survey confirmed that the average public sector chief executive earns less than half those in the private sector.

Wages of more than $1 million were the average for private bosses, while those funded by taxpayers were $404,000 on average.

Mr McGill said the disparity closed the smaller the operation, with comparable salaries of about $166,000 in most organisations with under $15m in turnover.

The private sector out paid in every job except one, with public sector IT bosses earning about $8000 more than their counterparts.

Sectors in which executives came out in the money were marketing and sales, operations and property, he said.

The survey looked at chief executives and their direct subordinates, aiming to give company boards an up-to-date snapshot on which to base their salary decisions. Mr McGill pointed to recent scrutiny of the chief executive pay packets at Telecom and Air New Zealand as an illustration of how accountability was becoming more prevalent in tough economic times.

"After a year of endless tales of poor performance linked to huge payouts, it is refreshing to see top New Zealand executives accepting pay freezes in response to tough conditions."

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