HAARLEM: The introduction of a lower cap on bonuses for bankers which should have come into effect on January 1 has been delayed indefinitely.
This means the January 1 deadline was not met. The finance ministry has confirmed the indefinite delay. The Financieele Dagblad said the delay is likely only to be a month or two.
The measure has already been passed in the lower house of parliament with a big majority and the coalition Labour party is convinced the legislation will complete the parliamentary process this year.
Henk Nijboer, the party’s financial spokesman said banking bonuses will be limited. The sector itself realises the need, albeit reluctantly.
The legislation would have reduced bonuses in the financial sector to 20 per cent of annual salary a controversial move which goes far beyond the 100 per cent ceiling agreed at European level.
Extra questions from senators from the ruling VVD and opposition Christian Democrats resulted in the legislation not being discussed in the senate prior to the Christmas holidays because of time constraints.
