China will cut 50% managerial salaries of public companies – Global Asia

China will cut 50% managerial salaries of public companies – Global Asia

The Chinese Government and the President of China, Xi Jinping, have adopted a new reform plan is to cut up to 50% the salaries of executives of large public companies throughout the Asian giant, the discount will depend on the handling sector.

According to Xi, managers most affected by this new plan of government, would be working in the banking and other financial services. In addition, China’s president said the unjustifiably high incomes should be regulated and it is therefore necessary to create a reasonable salary structure, strict management and efficient supervision of accounts.

Meanwhile, the newspaper South China Morning Post reported that the reforms are aimed at addressing public discontent over the unclear status of senior executives of state enterprises, some of which are privileges and are paid as executives of Western firms and earn more than their fellow officers .

The managers of these companies are reluctant to reform because they believe that this plan can bring out the low efficiency of some of them. Even the date of commissioning of the new government’s reform plan of the Asian giant

is unknown.