Salary re­struc­tur­ing for top SOE of­fi­cials soon

China Daily (Canada) - - BUSINESS -

Se­nior ex­ec­u­tives of State-owned en­ter­prises may soon face pay cuts that will trim their salaries from 12 times to eight times the av­er­age salary of common work­ers. A plan for SOE ex­ec­u­tives’ salary re­form has now been dis­trib­uted to State-owned en­ter­prises re­cently. Each company will for­mu­late de­tailed reg­u­la­tions based on gen­eral re­quire­ments and its ac­tual con­di­tions, mar­ket sources told China Business News, a Shang­hai-based news­pa­per. Ac­cord­ing to the plan, the ba­sic salary of se­nior ex­ec­u­tives will be two times the av­er­age salary of staff work­ers for 2013. Their per­for­mance-re­lated pay should not ex­ceed two times their ba­sic salaries, and in­cen­tive pay should not ex­ceed 30 per­cent of their an­nual salaries dur­ing their term in of­fice. Apart from salaries, China will also im­pose strict con­trol over SOE ex­ec­u­tives’ ben­e­fits, such as hous­ing prov­i­dent fund, said SuHainan, deputy di­rec­tor of the China As­so­ci­a­tion for La­bor Stud­ies.

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