King Juan Carlos takes seven percent pay cut

King Juan Carlos takes a pay cut

Amidst the worsening credit crunch that’s taking Europe by storm, Spain’s king Juan Carlos has agreed on a seven-percent pay cut. This puts his income 20,900 euros less  than previous year’s 292,000 euros.

Meanwhile, Crown Prince Felipe loses 10,450 euros from his last year’s 131,000 euro salary.

The royal household aims to save 100,000 euros this year in the wake of protests over austerity measures that saw Spanish civil servants lose their Christmas bonus or equivalent to seven percent of their salaries.