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A person who gets a higher pay rise than our President

By SYF77 on 26 Mar 2011

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Recently, the Parliament approved a 26 per cent increase in the Singapore Presidentís salary. You might think that wow, thatís a huge jump. However, that pales in comparison when compared against Volkswagen AG chief executive officer Martin Winterkornís increase in paycheck last year. His compensation surged 41 per cent last year, beating the pay given to Daimler AG CEO Dieter Zetsche.

Winterkorn earned 9.33 million euros (SGD 16.4 millon) in fixed salary, bonuses and profit incentives compared with 6.6 million euros a year earlier. Compensation growth stemmed partly from a new long-term incentive plan introduced in 2010. The increase makes Winterkorn one of the best-paid executives among companies on Germanyís benchmark DAX Index. Zetsche, who runs the worldís second-biggest maker of luxury cars, earned 8.69 million euros.

However, I feel that Mr Winterkornís incease in pay check is truly justifiable. Volkswagenís earnings before interest and taxes last year almost quadrupled to a record 7.14 billion euros. Due to the stellar performances, the manufacturer is proposing a 2010 dividend of 2.20 euros per common share and 2.26 euros per preferred share. VWís supervisory board extended Winterkornís contract in January by five years until 2016. The rest of VWís management board members are handsomely rewarded as well, as their combined pay almost doubled to 36.7 million euros from 18.7 millon euros a year ago.

If you happen to know of a job vacancy in VW, please drop me a PM. Thanks! :D

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Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.

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