Golden handshakes to top officials cost the public and semi-public sector millions of euros last year, the Volkskrant says on Monday.

In particular, housing corporations shelled out large amounts of money for managers and executives who had to step down, the Volkskrant says.

The paper bases its claims on an analysis of 1997 annual reports, which now have to record details of golden handshakes. Payouts in the public sector are now limited to €75,000.

Housing corporations

Troubled housing corporation Woonbron paid out over €3m in golden handshakes to 11 senior officials who left the company in a major reorganisational overhaul.

Housing corporation Vestia, which almost went bankrupt after getting involved in complex financial products, paid four directors and a coordinator a total of €1.7m. Amsterdam corporation Rochdale paid €4.5m last year to some 65 executives who lost their jobs in a shake-out.

However, insurance group Achmea – which operates the Agis and Zilveren Kruis brands – paid out an average of €250,000 to 34 people last year – taking the total bill to €8.5m. The highest golden handshake was €900,000. Not all Achmea’s activities fall under the legislation limiting public sector pay-outs, the Volkskrant points out.

Other notable payouts were €338,000 to a VU university advisor, €350,000 to the director of part of Amsterdam art school and €340,000 to a manager at a clinic in Zwolle.

http://www.volkskrant.nl/vk/nl/8024/Topsalarissen/article/detail/3692764/2014/07/21/Gouden-handdrukken-kosten-publieke-sector-miljoenen.dhtml