(From Caixin Online)
By staff reporter Wang Ling
Top executives at China’s “Big Four” banks took a pay cut of about half last year – losing between 500,000 yuan and 600,000 yuan – as part of government efforts to rein in the salaries for top figures at state-owned companies.
Jiang Jianqing, president of Industrial and Commercial Bank of China (ICBC), had his pay cut by 52 percent to 546,800 yuan last year, according to a financial report for last year that the bank released on March 31.
Jiang, who has led the country’s largest bank by assets since 2005, had already seen his pay fall from nearly 2 million yuan in 2013 to 1.14 million yuan the next year.
The cuts are part of central government efforts to address growing public dissatisfaction over what many see as excessively high salaries for top executives at state-owned institutions, particularly large banks and powerful companies.
The Politburo, the Communist Party’s 25-member decision-making body, decided in September 2014 to overhaul the remuneration systems used by state-owned firms to better reflect the size of the companies and their performance. Read more