The Management Board of the National Bank of Poland decided to significantly increase salaries for the highest-ranking central bank officials. According to the new resolution, the monthly bonus of the President of the NBP will increase from 100%. up to 130 percent base salary, which effectively translates into a 15% increase in total remuneration.
In practice this means that the annual earnings of the president of the NBP may increase by approximately PLN 191,000 compared to 2023reaching the level of over PLN 122,000 per month.
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See also: Outrage after the NBP decision. “This shouldn’t have happened”
The decision to increase wages is controversial not only because of its amount, but also because of the manner of its implementation. The resolution entered into force on October 1, at a time when the Sejm Committee on Constitutional Responsibility is conducting hearings on the potential prosecution of the President of the NBP before the State Tribunal. Critics point out that the mechanism of automatic calculation and payment of quarterly bonuses for the President of the NBP is one of the elements that may be the subject of proceedings before the State Tribunal.
How does the head of the NBP compare to his colleagues?
Remuneration of central bank governors in different countries differ significantly and depend not only on the cost of living in a given country. Assuming, in accordance with current exchange rates, that 1 euro corresponds to PLN 4.31 and 1 Swiss franc equals PLN 4.58, we can make a more precise comparison of earnings in this professional group. We took a closer look at selected countries of Central and Western Europe, which Adam Glapiński has often emphasized is catching up in economic terms.
At the top of our payroll is the president of the Swiss National Bank, whose annual remuneration is approximately one million euros, which translates into an impressive amount of PLN 4.31 million. The head of the Danish central bank is slightly lower, with earnings of EUR 600,000 per year, which translates into approximately PLN 2.59 million.
The presidents of the central banks of Germany, Italy and the European Central Bank each receive EUR 500,000 annually, which is the equivalent of PLN 2.16 million. In turn, in Sweden and Austria it is 400,000. euro (over PLN 1.7 million).
Remuneration of the president of the National Bank of Poland for 2023 amounted to approximately EUR 300,000 (approximately PLN 1.3 million). That’s the same as in France. Next year, Adam Glapiński’s salary will be approximately PLN 50,000 lower. euro higher, so it will amount to approx. 350 thousand. euro.
This amount is higher than the salary of the chairman of the US Federal Reserve, who receives approximately EUR 200,000 per year (PLN 862,000), but lower than the salaries of most European counterparts. At the end of the list is the president of the Czech central bank with an annual salary of approximately PLN 180,000. euro, which corresponds to approximately PLN 776,000. zlotys. These data highlight the significant disparities in pay for top banking positions across Europe and the United States.
The change to the NBP resolution will also benefit two members of the management board: Adam Glapiński’s first deputy, Marta Kightley, and the vice-president of NBP, Adam Lipiński (a long-time PiS activist). The bonus for the first deputy will increase from 90%. up to 105 percent salary, and for the vice president – from 80 percent. up to 95 percent..
The new resolution will also affect other issues, including the amount of the award of the President of the NBP, which will be a multiple of the monthly remuneration calculated as an equivalent for leave.
Controversies surrounding the remuneration system at the National Bank of Poland
On Thursday, the President of the NBP spoke at a press conference on the macroeconomic situation after Wednesday’s decision of the Monetary Policy Council regarding interest rates. The Council decided to leave interest rates unchanged.
After Glapiński’s speech, journalists had the opportunity to ask questions. The conference leader emphasized that they should relate to the conference topic. A TVN24 journalist asked: “A question about what you said about employees and the underestimation of their work, that they should receive awards. On what basis did you award yourself a bonus in the resolution?” She didn’t finish the question because the host moved the microphone away from her. – We asked for questions about the conference, editor – he emphasized.
– I feel sorry for you that you have to ask such a question that you know for sure is based on false premises. The President of the NBP has no right to award himself any bonus. This is actually the end of the answer, said Adam Glapiński.
– Routine activities of the NBP, which are always performed on the same legal basis, by the same bodies and in the same way – he added. Then the signal from the press conference cut off – without a formal ending or farewell from the President of the NBP. We asked the NBP press office about this sudden end, and we will publish the answer as soon as we receive it.
The issue of earnings at the NBP has been controversial for years and has been the subject of public debate. Experts point to the need to reform the remuneration system in state institutions, including the central bank. They emphasize that remuneration should be adequate to the responsibility and competences required in a given position, but at the same time proportional to the overall economic situation of the country.
The remuneration of the President of NBP is regulated by the bank’s internal regulations. According to them, the President of the NBP co-decides – as a person sitting on the management board that adopts resolutions on this matter – about bonuses for himself.
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oh well….
4 hours ago
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But the others earn money and Glapiński receives undue money, and that makes a big difference!
Francis b.
4 hours ago
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There was once a chimney law, now it is forgotten because professionals run away from anyone they can get for free.
Jerry
4 hours ago
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Or maybe something about KGHM and totalizator? Let’s take out the lid, because someone will notice that Tusk’s particular 68 has disappeared. Or maybe tell us something about Leszczyna, which has already announced the liquidation of the specific issue regarding health care?
Compare the average pension in France and Poland.
And it’s more expensive to see a doctor again. I pay three times more for a generally available drug. Maybe you can tell us how much the awards and limousines of the new ministers cost. When Jaś was asked what he wanted to do in life, he replied: earn a lot of money, but you need knowledge and education. Jasio laughed, you just need to have the right affiliation.
It would be much more interesting to compare it to its predecessors in Poland, taking into account purchasing power. It is easy to find that the salary of HGW was 24 average. So currently it is 24x8x12=2.3 million. In short, Glapiński has half of what Gronkiewicz has. Any questions???
LATEST COMMENTS (678)
I wonder if someone will ever write what the earnings of an ordinary person working for the minimum wage are compared to other EU countries?
I wonder if anyone will ever write what the earnings of an ordinary person working for the minimum wage are compared to other EU countries?
Wages are a little short of those in other countries, which means that the president will soon order another raise. After all, we are a proud nation and we rose from our knees.
I wonder if someone will ever write what the earnings of an ordinary person working for the minimum wage are compared to other EU countries?
A brazen, greedy man of the PiS team.
