Would you cut your salary by 20%? Spain’s king just did

Given the opportunity to cut your wages by a fifth, would you do? No? How about if you annual salary would still remain as a six digit figure? Still no? Well one royal monarch just cut his wages by 20 percent.

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Gerard Julien | AFP | Getty Images

King Felipe VI, the current King of Spain will only receive an annual salary of 234,204 euros ($267,447); which amounts to only 80 percent of the total sum that his father, Juan Carlos received in his last year as King, according to a palace statement released this week. Juan Carlos received a total of 293,000 euros ($334,695) in 2014.

This decision comes as part of a transformation to the Spanish royal monarchy's image, who in the past has been criticised for extravagant spending and links to corruption.

While this announcement to cut the King's annual salary may help their image, the royal family will still cost Spain the same amount -- the annual budget will still remain at the same rate as 2014's, at a total of 7,775,040 euros ($8.9 million).

"This is a good fact but not enough, because they still receive too much of a salary compared to the rest of public. It seems to be a tactic to approach the Spanish population - forget corruption and improve their reputation. As a part of all these recent events, we have to take into account that not everyone wants a monarchy and this may be a way to camouflage it," said Sonia Cabello, a Spanish resident.

Elena Gonzalez Castillo, a Spanish journalist says "I think it is more a strategic movement towards the press and the public opinion because, even if he is lowering his salary; the Royal family's budget will remain the same, although it will be distributed differently."

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Twitter seemed to take a harsher note on the matter. One Twitter user, Shame V wrote originally in Spanish that "Felipe VI thought that the Spanish were fools."

This isn't the first measure that King Felipe VI has taken since his coronation to improve the transparency of the Spanish Royal Family.

In December, the King prohibited royal family members (including Juan Carlos and his family) from receiving expensive gifts, including free flight travel.

In the early 2000s, Juan Carlos had been given the "Fortuna," a luxury yacht, worth 21 million euros ($23.9 million) by a group of businesses from the Balearic Islands; he gave up his ownership in 2013.

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