Oddsson waives pension while at Central Bank Skip to content

Oddsson waives pension while at Central Bank

Davíd Oddsson, former prime minister, started his new job as chairman of the board of governors at Iceland’s Central Bank yesterday.

In his new position he has the right to receive a retirement pension for his 13 years as prime minister and one year as foreign minister.

At the end of 2003, Althingi passed a law on retirement benefits for the highest ranking officials including the president, ministers, MPs and supreme court judges. Oddsson was instrumental in pushing the controversial law through.

Earlier this week it was reported that nine former ministers are receiving retirement benefits even though they are currently employed in other government positions. The Budget Committee of Parliament, Althingi, plans to investigate why retirement payments to MPs, ministers and high ranking government officials are ISK 250 million over budget.

According to the law Oddsson is elegible for a pension worth ISK 300,000 per month for his years as a minister even though he is employed at the Central Bank, a government institution.

Yesterday, when asked about the pension law Oddsson said that he was not going to take the pension payments while he is the director of Iceland’s Central Bank. He told the Icelandic National Broadcasting Service that his salary at the bank was good. “The salary at the bank is sufficient for me,” said David.

In 2012, after Oddsson completes his term at the Central Bank, his pension will increase to ISK 720,000 reports Fréttabladid.

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