China May Cut Salaries of SOE Executives by 70%, Caijing Says
This article is for subscribers only.
China may cut salaries of executives at state-owned enterprises and financial institutions by as much as 70 percent, the most drastic proposal yet in a planned overhaul of SOE management, according to Caijing magazine.
The upper limit for the annual salary of bosses at central SOEs and banks would be set at 600,000 yuan ($97,532) under the change, Caijing magazine reports, citing unidentified people with knowledge of a draft plan by the Ministry of Human Resources and Social Security, the Ministry of Finance and other related agencies. The South China Morning Post cited unidentified officials last week as saying SOE executives would face pay cuts of as much as 50 percent under the draft plan.