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GERMANY

German coalition wants to limit top salaries

2 min

The conservative CDU party now supports a proposal from the Social Democrats to cap the pay of business leaders, such as Porsche boss Wendelin Wiedeking (photo), Germany's best-paid executive.

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The conservative German Christian Democratic Union (CDU) wants to cap salaries of top business leaders, joining the Social Democratic Party (SPD) with which it governs the country, a daily said Monday.

"The fact that remuneration must correspond to the true value of performance constitutes an essential element of the social market economy," the business daily Handelsblatt quoted CDU financial expert Otto Bernhard as saying.

The CDU wants to present a common proposal with the SPD on the question in late September, the newspaper said.

The Social democrats have already proposed a series of measures, including one to limit tax deductions to one million euros (1.56 million dollars), but the CDU is opposed to that idea, it added.

The amount of pay earned by top business leaders has become a controversial issue, especially among politicians, in a country that does not have a general minimum wage.

Wendelin Wiedeking, head of the car maker Porsche is the highest paid German boss, with 60 million euros in earnings last year.

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