ING ups executive pay to avoid financial sector bonus ceiling

Logo of the ING bank in Hoogeveen, NetherlandsFinancial services group ING, which last year repaid the last of its debt to the Dutch state, has increased the pay to senior executives following the introduction of a ceiling on financial sector bonuses.

CEO Ralph Hamers will earn a basic salary of €1.63m from this year, while two other ING board members will earn €1.18m. The figures are included in the bank’s 2014 annual report which was published on Thursday.

From this year Dutch banks and insurance companies are not allowed to pay bonuses of more than 20% of basic salary. The European ceiling is 100%.

ING says it has put up the salaries of its senior executives to close the pay gap with other similar companies.

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