King of Spain takes a pay cut

King of Spain takes a pay cut

Spain’s King Juan Carlos is showing solidarity with his financially-distressed country by announcing salary cuts for the royal family today. As civil servants protest pay cuts and the government struggles to stabilize the precarious economy, the royals have decided that the king and prince will take a 7-percent reduction in their salary, according to Spanish news sources. This year, King Juan Carlos and his son Prince Felipe will have to live on approximately $350,000 and $160,000 respectively.

With nearly one-quarter of the workforce currently unemployed, Spain’s austerity measures are hitting the public hard. But while Madrid burned (figuratively, thankfully) under peril of financial collapse, the royal family drew ire this spring when the King was injured on an elephant hunt in Botswana.

Calls for the end of the monarchy and return of the republic ensued. Of course, with an annual budget of only $10 million, doing away with the entire monarchy would amount to savings of about .008 percent of the cost of the deal to bail out Spain’s banks.

According to El Pais, the cuts to the royal budget, which were decided upon in April, will affect only the protocol budget and 11 senior officials of the monarchy. Frustration with the royals had already compelled the government to release information about the King’s finances in December of 2011.

The royal family’s self-imposed austerity measure will also include a 7-percent cut to protocol funds, which cover the royal party costs, for the entire royal family. How the news will play among the financially distressed Spanish public remains unclear.