Israel Adopts New Law To Cap Bank Executives’ Salaries At Less Than $1 Million A Year
March 29, 2016
Israel is cracking down on bank executives’ salaries as part of a broader campaign to reform the country’s banks and narrow the pay gap between workers and bosses.
Israeli lawmakers this week approved one of the world’s toughest curbs on bankers’ pay, Reuters reported. Finance Minister Moshe Kahlon helped push through the law, which the Knesset (Parliament) approved overnight Tuesday in a 56-0 vote. The measure will take effect in six months.