Public sector directors at savings banks reportedly earn significantly more than their counterparts in other sectors.
In a recent study by the Zeppelin University, titled "Public-Pay Study 2025", it was revealed that among the 80 largest Sparkassen, 91 chairpersons are classified as "remuneration millionaires". This places them among the top earners in the public sector.
The study, which scrutinizes salaries in various sectors, particularly highlights the high salaries in Sparkassen. A significant portion of these high salaries is attributed to provisions for old-age provision. The heads of smaller Sparkassen received an average of 294,000 euros, while the salary in large banks was 547,000 euros.
The German Savings Banks Association has rejected the comparison of Sparkasse salaries with other public companies, deeming it "misleading". However, the study's authors criticize the high remuneration level of Sparkasse chairpersons.
The study also reveals a gender pay gap, contrary to the norm in Germany, with female chairpersons having a median salary of 498,000 euros and male colleagues having 400,000 euros. It is important to note that the study does not mention the median salary of Sparkasse chairpersons in the current year.
Interestingly, the salaries in Sparkasse are set by supervisory boards with municipal representatives. Compared to other public institutions in the sector, Sparkassen disclose more salary data. The median salary of executives in other public companies was less than half of that, at 200,000 euros (250,000 euros for broadcasting institutions and 256,000 euros for municipal utilities).
Particularly high salary amounts in Sparkassen often result from pension commitments. The study does not provide information on the median salary of executives in private banks. Salaries in Sparkasse are significant, with the median salary of Sparkasse chairpersons in 2023 being 402,000 euros.
The 91 Sparkassen chairpersons classified as "salary millionaires" in 2023 each earned at least one million euros annually; however, specific names and exact salary figures are not publicly disclosed. The study shows significant differences in salaries depending on the size of the financial institutions.
In conclusion, while the high salaries in Sparkassen have been a topic of debate, the study provides a comprehensive analysis of remuneration in the sector. It is crucial for transparency and fairness in compensation to continue to be a focus in public institutions.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
