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Mar 23, 2009, 13:24 GMT

Dutch finance minister wants to block bonus payments

The Hague - Banks and insurers that receive government support should not pay bonuses to their employees, Dutch Finance Minister Wouter Bos said on Monday. In a letter sent to the Dutch parliament, Bos wrote that he supports more stringent rules concerning bonus payments for all companies that receive government support. Among others, banks should no longer pay bonuses that are higher than than those agreed in collective employment contracts previously negotiated by the unions and the employees. In addition, all bonuses should have a maximum limit, the Dutch finance minister wrote. Speaking to the Dutch media on Monday, Bos said he would also raise the issue in his upcoming talks with financial companies that receive state support. However, observers said it remained uncertain whether Bos could enforce more stringent measures to block bonus payments.

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