As the top five branches of the financial sector (building banks, agricultural banks, chinese banks, transport banks, and business banks) are the first to be hit。
“did you drop?” a middle-class man in a state-owned business told a journalist in the 1st financial journal that this was the most private topic of concern to bank executives. In recent times, the tension generated by the wage-loss rumor has spread rapidly among line executives and mid-levels。
“the financial industry is the first to be affected by a reduction in wages in five industries, and people are now in a state of panic and are discussing it in private.” the person informed the newspaper's correspondents that although they had not yet received any notification of documents, another one of the same five major businesses had passed on a salary reduction programme。
"down"
On the previous day, at the semi-annual performance fair of the chamber of agriculture, governor zhang yun had publicly stated that the centre was indeed currently studying the reduction of wages in qong, including financial enterprises, “which the chamber of agriculture would strongly support and implement without delay”。
Yesterday, it was reported that the establishment of the general bank or the introduction of a salary reduction programme would be reduced by half, with a reduction of 30 per cent in the number of heads of departments, 20 per cent in the number of directors and 10 per cent in the number of staff. However, yesterday, the japanese newspaper journalist did not contact the bank to confirm the matter。
On 18 august, the fourth meeting of the central group for comprehensive and in-depth reform considered the programme for the reform of the remuneration system for the principal heads of centrally administered enterprises (hereinafter referred to as the programme), the main elements of which were the following: “improvement of the system, restructuring, strengthening of regulation, regulation, level of regulation, regulation of treatment”。
According to the media, one of the main recommendations of the programme is that the remuneration of the principals of the firm and state-owned financial enterprises will be reduced to about 30 per cent of the current remuneration, which should not exceed 600,000 yuan a year after the cut。
According to the statistics of the present report, in 2013 the average remuneration per head of a publicly traded financial enterprise was rmb 1,225,000 (which had been eliminated from top executives who were not paid within the listed company), and this per capita remuneration level continues to be far ahead of other industries。
In the banking sector in particular, the annual remuneration of 16 top executives of the listed banks totalled $480 million in 2013. Of this amount, the total annual remuneration for the five majors in 2013 was $879. 8 million, while the total remuneration for the top three executives in the five majors was 1989. 45 million。
According to the rules of the board, the principals of commercial banks should not be paid more than three times their basic salaries, and more than 40 per cent of executives ' performance payments should be deferred for a period of not less than three years. “as a result, bank executives' salaries in the bank's annual report are not real and are discounted.” a shareholder banker told the journalist of the first financial journal。
Only according to the annual figures on the remuneration of executives, if the reduction does not exceed 600,000 yuan per annum, the annual salary of executives in the five main sectors will be largely “cut off”。
In the case of agricultural behaviour, according to the 2013 annual report of the chamber of agriculture, the chairman of the chamber of commerce and industry received a total pre-tax remuneration of 1,133. 6 million yuan, the vice-president and governor zhang yun tax remuneration of 1,059. 1 million yuan, the vice-president guo houda pre-tax remuneration of 929. 6 million and the vice-president's pre-tax remuneration of 929. 6 million yuan。
According to the above-mentioned equity bankers, the remuneration of executives consists of three components: base salary, pay for performance, medium- and long-term incentives, and the specific impact will depend on the reduction. The proportion of performance pay in the remuneration of bank executives is larger, and the impact on executives in the five main sectors should be modest if “reducing” only lowers basic pay, and indeed more so if it includes performance pay。
Indeed, in recent years, the salaries of bank executives have declined. In 2013, the salaries of the top three executives fell by $920. 75 million compared to 2012 and, with the exception of a slight increase in construction, the total salaries of the top three executives in the middle, industrial and agricultural sectors fell by more than $2 million。
We're in the middle of something
According to the public information, there are three broad categories of conglomerates: enterprises managed by the state council's national investment commission, such as military industry, telecommunications and oil; enterprises managed by other departments of the state council or by mass groups, including tobacco, gold, rail cargo, ports, airports, radio, television, culture and publishing; and state-owned central enterprises managed by the silver chamber, the insurance board, the certification board, which belong to the financial sector, such as the five major state-owned banks and the china export-import bank, the china bank for agricultural development and the national development bank. By this classification, shareholdings, city comptoirs, agribusinesses, etc. Are not affected by the reduction。
On the issue of salary reductions, sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino-sino also responded yesterday to the journal of the first financial and economic journal, stating that the reduction was mainly aimed at zing, and that it was not directly under the control of the national investment commission。
There are, however, concerns expressed by multiple equity bankers that state-owned enterprises may be affected by policies that “may be affected by next year's remuneration, although no relevant reduction documents have been received”。
Middle-level members of a state-owned business told journalists that in the banking sector, the remuneration of state-owned executives was not high and that, in fact, the remuneration of executives was generally lower than that of stock banks or even city comptoirs because of such factors as strict pay appraisals and shareholder dividends。
In the face of possible pay cuts, there is a great deal of blame on the voices of the five movements。
According to the 2013 annual report of the listed banks, the bank of peace ranks first in the industry with a total annual remuneration of $7,539,544 million, followed by the bank of living and the bank of offers of $6,543 million and $41,448 million, respectively, in the second and third branches of the industry, while the total annual remuneration of the executives of the five branches is generally lower。
The reporter of the 1st financial journal organized a payroll line for the top 10 listed banks in 2013, which was largely covered by the bank for peace and the people's bank, with only one top five. Among them, the new governor of the bank for peace, shuanping, was awarded $8,3326,000 in salaries. The four vice-presidents of the bank, sun cheon-lang, zhao shinsheng, cai lifeng, and hu qian fei, have taken two to five jobs。
In addition, the former chairman of the bank, dong feng, governor hongzaki, and the vice-president of the bank, yong yuk tong, ranked 789 out of $530. 63 million, $50. 63 million and $46. 95 million, respectively. The 10th vice-president of the bank of sanctuary, yip, received a total remuneration of $4. 444 million。
The only top executive in each of the five branches is not the president and director of the five branches, but the director of china’s bank credit risk, jan weijin, who was the sixth most senior banker’s pay list in 2013, after being recruited globally in april 2007。
The pay limit doesn't cut across
“there is now fear that a real reduction in wages could lead to a considerable brain drain.” in the view of middle-level members of the above-mentioned state-owned businesses, the executives of the state-owned majors are more constrained than the stock and city comptoirs, and their attractiveness is weaker if they are further reduced。
Another national bank owner told the newspaper's correspondent that the pay cuts included the top of the bank and the head of the branch, and it was not clear whether the deputy head of the branch would receive a reduction. However, there are already a number of management colleagues who are already discussing plans for the next step, and shares and foreign banks may be the next place。
One of the participants in the design of the new pay reform programme for qatar stated to the first financial journal that wage restrictions would not be one-size-fits-all. The wage limit for the directors of some of the companies is only a small part of the pay reform programme, which is aimed mainly at the heads of the state-owned companies in the public interest, monopoly and administrative appointment categories. For the professional managers of the companies in the competitive sector, there is still a marketable remuneration。
According to one of the state-owned strategic researchers
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