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French cap state wage

EXECUTIVE pay at state-owned companies in France will be capped at €450,000 a year.

In a move keenly followed by Irish state-owned companies, the pay cap will take effect either this year or next, according to president Francois Hollande.

Finance Minister Pierre Moscovici said: "Earning €450,000 a year doesn't seem to me a deterrent if we want to have quality men and women at the head of our companies."

Meanwhile, EU officials asked whether it would be better to cut public services wages instead if reducing numbers of workers.