France moves to limit senior executives’ salaries to a maximum of 20 times that of their lowest-paid employee.

Elected this month promising to curb the privileges enjoyed by France’s wealthy and powerful, Socialist President Francois Hollande pledged during campaigning to limit senior executives’ salaries to a maximum of 20 times that of their lowest-paid employee.

“We are working on plans for pay at public companies to be cut,” Finance Minister Pierre Moscovici told journalists on Wednesday after a cabinet meeting. These would be ready in two weeks, he said.