Sharp fall in level of perks for top execs.

(From Irish Independent)

THERE has been a sharp fall in the level of perks enjoyed by seniorexecutives, down by 16.2pc on last year, as employers react to the arrival of benefit inkind taxation, a new report revealed yesterday.

Prepared by the consultancy firm Inbucon, the Report on Executive Salaries and FringeBenefits in Ireland shows that while salaries increased by an average of 4.87pc in thepast year, this was down from the rise of 5.4pc recorded in the 2002 report.

Bonus incentive schemes and fringe benefits, a valuable part of the overall remuneration package, have also declined in comparison with last year.

The report shows that the overall percentage of those receiving a bonus has droppedconsiderably to 42.22pc this year, compared with 58.56pc in 2002.

The average value of bonuses has risen from [euro]10,118 in 2002 to [euro]11,257 this year.Managing directors received an average bonus of [euro]34,484.

Company cars were supplied to 32pc of all executives, compared to 43pc in 1998. Theprovision of medical insurance, at 50.62pc, represents a decrease of 6.13pc from 2002.