Handsome pay and perks for Big Phil Hogan
Phil Hogan will have little to complain about as he receives his pay packet over the coming five years.
The salary of €250,000 per year is subject to the more gentle EU civil servants' rates of tax. That salary is topped up by a 15pc "residence allowance" worth €37,500 per year. There is a "representational allowance" worth €7,300 per year. Neither payment is taxed.
EU taxes go from 8pc to 45pc and there is also a 7pc recession or "solidarity levy". The Commissioner's tax bill will be about €100,000 per year. But that is mitigated by €45,000 in those tax-free payments.
So, keep it simple and think €200,000 per year take-home pay, or - give or take - about €4,000 per week.
For moving to Brussels, there is also a once-off "installation allowance" equivalent to two month's salary, again tax free. That is almost €42,000. Travel and house-moving costs are also reimbursed on arriving and leaving the EU capital.
Into the future, there is the prospect of a gilded pension scheme and step-down payments. But he has waived Dail and ministerial pensions worth a gross €61,000 per year for the duration of the new job, which runs for five years.
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