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BUSINESS

Austrian Schaeffler tops German rich list

An Austrian woman is the richest person in Germany, according to business magazine Bilanz.

Maria-Elisabeth Schaeffler (73) has Austrian and German citizenship. She and her only son, Georg (49), are proprietors of INA Waelzlager Schaeffler KG, one of world's largest producers of roller bearings and machine components, and possess a fortune of €21.5 billion.

Schaeffler Group also owns 36% of the tyre and auto parts giant Continental AG.

Maria-Elisabeth Schaeffler took over INA in 1996 following the death of her husband, Georg. Her son, also named Georg, has been at her side helping to run the business since 2009. His father and uncle founded the company in 1946, first making wooden spoons, clothespins and rakes. Georg currently owns 80% and Maria-Elisabeth, 20%.

Maria-Elisabeth was born in Prague in 1941, and grew up in Vienna.

The Albrecht family, owner of the discount supermarket chain Aldi, comes second and third place in Bilanz’s rich list.

Austria’s rich list is topped by the Piech and Porsche families – with a combined fortune of €44.8 billion.

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MONEY

Why your March salary could be late in Austria

Workers in Austria who receive a monthly salary may have their March pay packet arrive late due to European banking regulations.

Why your March salary could be late in Austria

For salaried employees, payday is traditionally the end of the month, but most workers now have their money transferred automatically into their bank accounts. 

However, this year, the end of March coincides with Easter weekend, with Easter itself falling on Sunday, March 31st. Therefore, the Europe-wide Target 2 system, which handles automated SEPA payments within the EU and EEA, will be closed over the Easter weekend.

The European Central Bank, which oversees Target 2, closes the exchange system on weekends and selected public holidays. For Easter, that means a four-day closure from Thursday, March 28th, to Tuesday, April 2nd, according to reporting in the Journal du Geek.

Although Good Friday (March 29th) is not a holiday in Austria, many other European countries observe it as a public holiday.

READ ALSO: Why is Good Friday not a holiday in Austria?

That means that a salary paid on March 28th won’t reach the recipient’s bank account until Tuesday, April 2nd.

Target 2 is closed on May 1st, December 25th and December 26th. These dates don’t usually affect salary payments, so Easter is usually affected when it coincides with the end of the month.

Normal banking services will continue over the Easter weekend, and instant transfers and internal transfers between two accounts handled by the same bank will also proceed as normal.

The salary delay won’t affect people who get paid on other dates or those paid in cash.

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