Reported about 12 hours ago
China plans to limit annual salaries at state-owned financial institutions to 1 million yuan ($137,309) amid economic slowdown, affecting middle and senior management. This measure is part of the government's 'common prosperity' initiative, aiming to reduce income inequality. Expected cuts will primarily come from bonuses, with changes set to begin as early as next month. Concerns arise about retaining talent as private firms may offer higher salaries.
Source: YAHOO