The biggest Ibex companies lowered salaries by 8.29% in 2013. This is the first time that they have cut pay since 2010, which most European countries did continually during the high point of the crisis.
This year, big Spanish companies have to send a more-detailed report to the national stock market regulator, the CNMV, about how they pay executive managers. Slashing salaries is the right thing to do and provides a good example to other employees who have endured pay cuts. Still, companies should increase their efforts to be transparent above all. It remains to be seen how they will manage pension plans. If these skyrocket, then lowered salaries will be paid back in full plus interest.