For an executive on the rise, it was was once the ultimate status symbol. But the company car could now become an endangered species, a new survey suggests.

Less than a third of executives drive company cars, compared to nearly half of senior managers in 1998, the study by Inbucon shows.

Anxiety over the introduction of PRSI on company cars and other benefits in kind from January 1st is fuelling the decline, Inbucon said.

Its survey of over 2,500 executives in 137 Irish companies shows manager pay rose 4.87 per cent on average in the year to date, a marginal decline on the rate of increase in 2002.

There has also been a marked dip in performance bonuses and perks, according to the Inbucon report on executive salaries and fringe benefits.

The economic slowdown has acted as a brake on executive salaries, with 15 per cent of companies questioned reporting a pay freeze in 2003.

And the salary slump is set to accelerate next year when executive pay will drop 4 per cent, Inbucon predicts.

The highest increases were recorded at lower and middle management levels, where remuneration rose 5.25 per cent on average.

Managing directors fared worst - their salaries increased by 4.59 per cent.