Pay cuts for corporate high-flyers
11-04-2009
China has ordered pay cuts for executives at state-owned banks and other finance firms as public anger grows over their high salaries during the global economic crisis.
Last year's pre-tax income for top executives, including salaries, bonuses and benefits, must not exceed 90 percent of their earnings in 2007, the Ministry of Finance said in a statement on its website.
It added the cap would be 80 percent for executives at financial companies whose operating profits fell last year.
The ministry said salaries and bonuses in the financial industry had been growing too quickly over recent years.
