Varma - Annual Report 2012

7. Management salaries and remunerations
Parent
Company
Parent
Company
GroupGroup
1 Jan–31 Dec, € million2012201120122011
President and CEO and his deputy1.11.01.11.0
Members and deputy members of the Board of Directors0.30.40.30.4
Members and deputy members of the Supervisory Board0.10.10.10.1
Total1.51.51.51.5
Average number of personnel during the financial year572588572588
President and CEO Matti Vuoria was paid EUR 757,517 in salary and fringe benefits. President and CEO Vuoria will continue in his position until the end of 2013 and will retire when he turns 63 in March 2014. The pension benefit under the supplementary pension insurance taken out for the CEO is 60 per cent of the pensionable salary of the supplementary pension, which is based on the annual earnings of the two middle years in the course of the last four years. The supplementary pension insurance has not accrued supplementary pension since 14 March 2011, when the President and CEO turned 60.
Hannu Tarvonen, his deputy, was paid EUR 298,702 in salary and fringe benefits. Hannu Tarvonen’s retirement age is 60 years and his pension will be 66 per cent of the calculated pensionable salary.