Photo By: Vcelloho1
The Office of Federal Procurement Policy raised the executive compensation benchmark to $763,029 annually, up $70,000, according to a Monday Federal Register post.
The benchmark, previously set at $693,951, is the amount the government can reimburse private companies for its top five executives.
Total wages, salaries, bonuses, restricted stock and deferred and performance incentives are included through the compensation, according to Federal Computer Week.
The OFPP is responsible for determining reimbursements for private sector executives at companies with annual revenues of more than $50 million.
The White House wants to lower the cap and tie it to Executive Schedule Level I salaries of senior federal officials, currently at nearly $200,000.
The Senate’s version National Defense Authorization Act had included provisions to reduce the cap but they were not included in the final version of the law that was signed.
Private coompanies will now be Public!