$Hang Seng Index (800000.HK)$ Finance｜High Pay Era Ends, Chi...
$Hang Seng Index(800000.HK$ Finance｜High Pay Era Ends, Chinese Financial Institutions Require Employees to Give Up Postponement Bonuses
Bloomberg quoted insiders as saying that in response to President Xi Jinping's “Common Wealth” campaign, several Chinese industry giants have asked senior employees to forgo deferred bonuses and pay back more than RMB 290 million.
In recent weeks, national entities such as China Commerce Bureau Group, China Guangda Group and CITIC Group have communicated the above instructions to employees of some of their units, the insiders said. At the same time, some mutual fund managers are also facing pressure to return non-compliant pay from previous years. Several Chinese mutual funds plan to limit employee salaries to about RMB 300 million, the report said.
The report noted that Beijing's critics, including high-income financial practitioners and other high-income financial practitioners as “hedonists,” have been hit hard by the Chinese government's “Common Wealth” drive because of the luxury lifestyle.
The CITIC Securities Annual Report of the CITIC Group showed that the annual salary of all senior executives of the Management Committee last year exceeded RMB 300 million, with Chairman Zhang Youjun receiving an annual salary of RMB 500 million; most of their remuneration came from deferred bonuses.
Representatives from CITIC Group, China Commerce and Kwong Tai Group did not respond to Bloomberg's request for comment.
$BABA-SW(09988.HK$
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Mooon Trader : Xi Jinping is the reason why China’s economy is shit
股勇者 OP Mooon Trader : it took me 2yrs to realize this fact. many here still in deep sleep