Chinese President Xi Jinping’s anti-corruption campaign hasn’t been kind to the employees of China’s many state enterprises. The senior executives of top public firms including PetroChina (PTR) and China Resources Group have been publicly investigated for corruption, in a warning that graft must be curtailed. Xi has banned lavish company banquets and even ordered staff to stop giving the traditional gift of moon cakes at next month’s annual Mid-Autumn Festival.
Now the latest edition of Caijing magazine reports that employees at government-owned firms could see their salaries slashed dramatically. The financial journal article says that a ceiling of 600,000 yuan ($100,000) will be set on top salaries, citing people knowledgeable about a draft plan by China’s labor and finance ministries. The report notes that in 2011 average salaries for top executives at state firms were 720,000 yuan, while those working at China’s big four state-owned banks earned more than 1 million yuan.
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Dexter Roberts, Bloomberg Businessweek via CHINA US Focus http://ift.tt/XV9BMc
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