New President at McMaster University.
This position is a very important role. It is important because universities are one of the foundations of our Canadian society. One of the keys to our future. The new President is an excellent choice, a man who has shown a dedication to his profession over his lifetime.
How much is this position worth financially to the person who holds it?
U of C president denies 'lack of transparency' on $4.75 million pension payout
The current outgoing McMaster President has a pension worth a pension about $5.4 million. The new incoming President should expect no less and in five years will have a pension valued at this much. In the meantime he will get an annual salary of around $500,000.
McMaster president's contract revealed
Today the incoming McMaster President has a pension valued at $3.1 million. The next 5 years will, conservatively, bring a windfall of $2.9 million into his pension. This is on top of the $500,000 taxpayers will pay him.
In my calculation his compensation, including pension contributions, over the next 5 years is worth over $1,000,000 per year. His salary will be half of that and the other half is a pension increasing at $500,000 per year. However, over that time the taxpayers will be told, a shown in the Sunshine List, he is only receiving $500,000 per year.
Public sector bonuses must be more transparent
This calculation of his value is quite conservative because he will merit additional increases every year. In fact the current President saw his income rise from $305,000 in 2005 to $524,000 last year. This increase since 2005 added $2.4 million onto his pension value.Based on 15% annual increases the current President received, the increases of the incoming President should bring his pension over $10 million.
Not bad pay for the next 5 years?
No comments:
Post a Comment