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Bonuses, short-term incentives and executive allowances to presidents of Alberta’s post-secondary institutions are among some of the perks being axed as the province looks to rein in executive compensation.

Advanced Education Minister Marlin Schmidt announced Tuesday wide-sweeping plans to which presidents, vice-chancellors and chief executive officers of 20 publicly funded university and colleges must adhere.

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The new regulations take effect next week and by the time a two-year transition period is over, the move is expected to save up to $5 million by 2020, Schmidt said.

Those savings will go back to each of the institutions in a way that benefits students and will not affect Campus Alberta grants, he said.

A five-level model will take effect April 15 and sets the maximum base salary top brass can earn. Examples of which levels apply to which institutions are below:

• Level five: $447,000 maximum — University of Alberta and University of Calgary (Currently, U of A president David Turpin takes home about $824,000 in salary and benefits. His base salary is around $500,000.)