Its misery for people in Spain these days. Well, most Spaniards, not the likes of Francisco Luzón, a senior executive at Santander bank. Luzón, it emerged this week, has left the country’s largest bank with a pension of Euros 56 million.
His retirement nest egg is quite a bit larger than the Euros 860 odd a month the average Spaniard gets, or rather, will get once he or she has worked those extra two years (until 67 ) that form part of changes to the pension system introduced last year.
The aim of the pension ‘reform’, and indeed cuts to pay, welfare and public services, is to help reduce the deficit. That’s the deficit caused by Luzón, and others within the upper echelons of the world of finance, whose reckless lending and speculation led to a gigantic bubble that burst, wrecking the economy and thus the public finances.
The scary thing is that Luzon, who also earned Euros 1.66 million euros in ‘fixed’ pay in 2011, isn’t top of Santander’s gold plated pension league. Chief executive officer Alfredo Saenz has Euros 87 million in retirement funds. In contrast, the chairman, Emilio Botin, only has Euros 25 million to look forward to in his old age. Heart bleeds.