皇冠体育app

皇冠体育app will cut the salaries of top executives at State-owned enterprises (SOEs) by as much as 70 percent in a move to regulate excessively high payments and bonuses, Caijing reports.

The central government has drafted a plan based on salary reform that would cut SOE executive earnings by up to 70 percent to no more than 600,000 yuan ($100,000) annually.

Executives at financial SOEs will be hit hardest as they usually enjoy the highest incomes.

Statistics show that in 2011, executives at SOEs pocketed annual salaries of 720,000 yuan ($116,000) on average, while those at 皇冠体育app's Big Four state banks (皇冠体育app Industrial and Commercial Bank, 皇冠体育app Construction Bank, 皇冠体育app Agricultural Bank and Bank of 皇冠体育app) earned an average of over one million yuan ($160,000).

It has long been deemed controversial for top SOE executives to receive hefty incomes while enjoying privileges identical to ranked officials. President Xi Jinping said during a meeting last week that 皇冠体育app would standardize income distribution so that payments are reasonable, structured and efficiently supervised.

Such reform would re-introduce a share incentive mechanism for financial SOE employees, which had been placed on hold for nearly five years.

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