Results tagged “compensation”

While Jay Walder was confirmed as the MTA's new CEO and chairman last week, his big-time pay—$350,000/year, not to mention up to $850,000 in severance and housing and retirement— is an issue with Mayor Bloomberg. His pay package needs to approved by the MTA board and the NY Times reports, "At the urging of City Hall, Mayor Michael R. Bloomberg’s representatives at the Metropolitan Transportation Authority are set to abstain from supporting a generous compensation package for" Walder." Even though Bloomberg likes Walder, apparently the mayor "considered the package to be outsize for a state employee, particularly given the current financial climate, two people familiar with his view said. They said the mayor also believed that if Gov. David A. Paterson was not re-elected, the severance award would limit the ability of a new governor to install a director." Paterson's office has positioned the generous pay as "in line with that of his predecessor and those who lead large transit systems across the country and around the world." Walder, who worked with the MTA in the 1980s, recently ran London's transit system before leaving for Kinsey.

Fat cats live! According to Bloomberg News, "JPMorgan Chase & Co.’s investment bankers will begin getting more of their pay in salary next year and less in bonuses as the bank shifts the weighting to remain competitive with rivals, a person familiar with the firm said." The plan, which will go into effect next year, will affect employees "who earn half or more of their total compensation in year-end bonuses." However, total compensation won't change, because bonuses will go down. Bloomberg further explains, "JPMorgan... is seeking to keep pace with rivals that boosted salaries amid restrictions on bonuses, and make its compensation costs more predictable... Citigroup will raise base pay as much as 50 percent. Morgan Stanley said in May it will increase base pay for some executives, while UBS increased banker salaries by half." A pay consultant added, "Most of the major financial firms have suppressed base salaries for the last 10 years, so they were unduly low compared to where they were 15 years ago." Well, unduly low without bonuses.

A nice followup to that online database that allows you to look up the base salary of city employees: City employee pay and benefits have risen 63% in the past 8 years, according to the Citizens Budget Commission. Check out the chart above—you'll see that pay has gone up an average of 33%, while health insurance has gone up almost 100%. In private industry, between 2000 and 2008, salary + benefit compensation has only increased by 31% (salaries by 32%, other benefits by 40%).

Dr. Charles S. Hirsch is the chief medical examiner of New York City and has overseen the autopsies on more than 100,000 people. He would probably remain a mystery to most New Yorkers, if it weren't for his ruling on the death of Det. James Zadroga, who worked clean-up at Ground Zero after September 11, 2001. Hirsch said that Zadroga's death wasn't related to Ground Zero dust, but ground-up pills the detective was allegedly injecting....

The Chronicle of Higher Education released its annual salary survey of the heads of educational institutions and the value of a college education is evidenced in the paychecks being cashed by institutions' presidents. More than a dozen heads of private universities took home more than $1 million during the 2005-06 school year. According to the New York Post, the dean of higher earning was Donald Ross, who took home $5.7 million--most in deferred compensation after...