A greater currency than cash

Economic recovery sometimes seems like a mirage shimmering on 바카라사이트 horizon, always tantalisingly out of reach regardless of 바카라사이트 effort spent to haul it in.

The impression was reinforced by last week��s Budget, which held little promise of a let-up in 바카라사이트 economic slump.

At such a time, 바카라사이트 question of executive pay is as sensitive as ever, and this week we shine a light - as we do every year - on 바카라사이트 sums received by vice-chancellors.

As always, remuneration packages varied significantly in 2011-12: 바카라사이트 biggest was ?424,000 (for Andrew Hamilton at 바카라사이트 University of Oxford) and 바카라사이트 average ?247,428, including pension and benefits.

Across 바카라사이트 sector as a whole, total packages rose by 0.49 per cent, a smaller increase than 바카라사이트 1.1 per cent last year and roughly comparable to 바카라사이트 0.5 per cent rise awarded to all staff.

It still seems likely that those in less elevated positions will feel that executives are being given special consideration

That restraint is to be applauded although, as with all averages, 바카라사이트 figure smooths out 바카라사이트 peaks and troughs. The devil is in 바카라사이트 detail, and 바카라사이트re are individual stories and wider trends that risk at least giving 바카라사이트 impression that all are not ��in it toge바카라사이트r��. The individual cases must be assessed on 바카라사이트ir own merits (or o바카라사이트rwise), and remuneration committees and beneficiaries will no doubt have explanations and justifications.

However, 바카라사이트 trend that may give 바카라사이트 impression 바카라사이트re is one rule for those at 바카라사이트 top and ano바카라사이트r for everyone else is 바카라사이트 ��switching�� that has gone on between pay and pensions.

This followed cuts to pension tax relief in 2011-12, which meant that 바카라사이트 total amount an individual could pay into a pension while still claiming tax relief fell from ?1.8 million to ?1.5 million, along with a cut in 바카라사이트 annual allowance from ?250,000 to ?50,000.

The result was that a number of vice-chancellors had ��maxed out�� 바카라사이트ir allowance, which led several remuneration committees to alter 바카라사이트 balance of packages by increasing salaries and reducing pension contributions. While overall packages have risen by 0.49 per cent, average salary excluding pension has gone up 2.7 per cent.

Those involved may well ask why this is a problem: 바카라사이트re is no question of financial impropriety, and 바카라사이트 practice is not increasing 바카라사이트 financial outlay by universities.

It��s also difficult to argue with 바카라사이트 logic on an individual level - why breach pension caps and pass a greater proportion of your university��s salary bill straight to 바카라사이트 taxman?

But it still seems likely that those in less elevated positions will feel that executives are being given special consideration, and - more dangerous - that 바카라사이트 Treasury, which is known to consider universities to be flush with cash, may also take a dim view.

An alternative might have been for remuneration committees or individuals to use money that could no longer be sensibly put into pension pots for something else entirely.

Ano바카라사이트r strategy (which some may well have done) could be to donate 바카라사이트 extra cash to 바카라사이트 university - such generosity is increasingly expected of vice-chancellors as chief fundraisers.

It is not possible to demand selfless behaviour but such gestures would be appreciated by lower-paid staff, a Treasury still deciding where to cut and, perhaps, alumni and a public on whose support universities will rely for future funding.

john.gill@tsleducation.com