China Orders Pay Cap At State-Owned Financial Firms, Risking Attrition To Private Sector
Allwork
JANUARY 22, 2025
The most sweeping wage reduction exercise in the $67 trillion finance sector will begin as early as next month though staff are yet to be informed of reasons, the people said. Executive income at subsidiaries of the targeted firms, including investment banks and asset managers, will be capped at 3 million yuan, the three people also said.
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