US President Barack Obama will set a $500,000 a year cap on executive pay going forward for banks and other companies that take US government funds to stabilize their businesses, an administration official said on Tuesday.
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The president's announcement, to be made on Wednesday, will kick off a long term effort to reform executive compensation rules, the official said.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
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