Bonus Row

Pension Boss Pays Back Cash

The boss at one of Sweden’s state-owned pension funds is to pay back a bonus she received last year of around 60 thousand US dollars. Kerstin Hessius took the decision Wednesday and the move was welcomed by her boss, Claes De Neergaard.

The current recession has led to a heated debate in Sweden about the size and shape of bonuses being paid out within the financial sector, with several bank directors deciding to forego pay raises following pressure from the media.

The state owned pension fund system also decided to change it’s bonus system yesterday, with no bonuses being paid out if the system makes a loss, and any future bonuses will be limited to the equivalent of two month’s pay.

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