Category: Comp, Salary & Benefit


Permalink 10:59:12 am, by dacare, 120 words, 490 views   English (US)
Categories: News of China, Comp, Salary & Benefit

Lenovo leads salary list

Yang Yuanqing, CEO of Hong Kong-listed Chinese computer technology company Lenovo Group, topped the 2015 Chinese Hong Kong company CEO salary list released by Forbes China, the daily newspaper Beijing Times reported on Wednesday.

Yang was the richest CEO in 2014 with an annual salary of 119 million yuan ($19 million), putting him in first place for the third consecutive year, according to the report.

This year's list included 334 CEOs of companies from the Chinese mainland that are listed in Hong Kong whose annual salaries exceeded 1 million yuan, up 107 from the previous ranking.

Forbes also released a 2015 Chinese A-share company CEO salary list, on which Ma Mingzhe, chairman of Ping An Insurance Co, was in first place with an annual salary of 109 million yuan.

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Permalink 02:04:34 pm, by dacare, 229 words, 320 views   English (US)
Categories: News of China, Comp, Salary & Benefit

Chinese household income continues to grow in Q1

The average per capita income of Chinese households continued to rise in the first quarter of the year, the National Bureau of Statistics (NBS) said Wednesday.

Average per capita household income rose 9.4 percent year on year to 6,087 yuan (992.30 U.S. dollars), recording 8.1 percent growth after inflation.

The household income growth rate for 2014 was 8 percent.

Per-capita disposable income for urban people hit 8,572 yuan, up 8.3 percent. The growth rate was 7 percent in real terms.

Disposable income for rural residents stood at 3,279 yuan, up 10 percent. In real terms, it climbed 8.9 percent.

The income gap narrowed with urban residents earning on average 2.61 times more than their rural counterparts, down from a calculation of 2.66 in the same period last year, according to the NBS spokesman Sheng Laiyun.

Income growth surpassed gross domestic product (GDP) growth in the first three months, which clocked in at 7 percent, down from the 7.3 percent registered in the fourth quarter of 2014.

This still meets the official annual growth target of around 7 percent for 2015.

China created 3.2 million new jobs in urban areas in the first quarter, said Sheng, adding an NBS survey showed that China's urban unemployment rate was "stable" at around 5.1 percent, unchanged from the rate in 2014.

The consumer price index, the main gauge of inflation, in the first quarter averaged 1.2 percent, the lowest since the fourth quarter of 2009 and lower than the government target of 3 percent, NBS announced Friday.

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Permalink 09:38:31 am, by dacare, 165 words, 358 views   English (US)
Categories: News of China, Comp, Salary & Benefit

SOE employees divided by pay gaps

Under pay reform measures which took effect Thursday, salaries and expense accounts have been slashed for senior executives at 72 centrally administrated State-owned enterprises (SOEs).

For many years, a widening gap between executive salaries and the wages of ordinary workers has been a major source of public discontent. Obviously, the new year's salary reduction measures signify an important step toward social equality.

Nevertheless, some worry that mid-level managers could potentially outearn their bosses. Others believe ordinary staff may soon make more than their supervisors. In reality, those who contribute the most should be compensated more for their work, regardless of their standing within a company.

Of course, pay gaps exist throughout the State sector. Through their connections with Beijing, employees at central government-led SOEs typically enjoy higher pay and better working conditions than their peers in non-central SOEs.

To further promote fairness, relevant authorities should consider reducing salaries not only for senior executives at centrally administrated SOEs, but for rank-and-file workers at such enterprises as well.

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Permalink 11:27:28 am, by dacare, 663 words, 445 views   English (US)
Categories: News of China, Comp, Salary & Benefit

China’s state sector leaders embrace pay cuts of up to 60%

The corporate reporting season for China’s largest state-owned enterprises, which concluded last month, featured an unusual theme. Despite earning far less than their international counterparts, the men who steer the country’s largest companies welcomed recently announced plans to cut their pay.

“The biggest difference between China and western countries is that we pursue the goal of getting rich together,” Fu Chengyu, head of the country’s largest refiner, told reporters. “If you want to earn big sums, you should not be an SOE executive.”

As Sinopec chairman, Mr Fu earned Rmb863,000 ($141,000) in 2012, a paltry figure when compared, for example, with the more than $3m earned by Christophe de Margerie at the French oil major Total. The contrast in other sectors is even starker. The president of Bank of China, one of the country’s “big four” lenders, was paid Rmb997,000 ($163,000) last year – or less than 1 per cent of the $20m pocketed by JPMorgan’s Jamie Dimon.

According to local media reports, leaders of the country’s top 50 SOEs will face pay cuts of up to 60 per cent as the government imposes an annual pay cap of Rmb900,000. President Xi Jinping announced plans to rein in executive pay in August, but the new guidelines have not yet been released by the ministries of finance and human resources.

In August Zhang Yun, president of Agricultural Bank of China, said he would “firmly support and strictly implement the decision”. Mr Zhang, who earned just over Rmb1m in 2013, faces a pay cut of at least 10 per cent.

Those who welcome Mr Xi’s initiative, which coincides with China’s most ambitious anti-corruption campaign, argue that it is misleading to compare SOE executives with their international counterparts, especially in industries that are protected from overseas and private sector competition.

“SOEs enjoy a lot of policy support from the government,” says Gao Minghua, a corporate governance expert at Beijing Normal University. “Those factors must be removed before you can compare SOE executives to multinational executives.”

The more important comparison, he adds, is between SOE executives and their own employees: “There is a large income gap in China that is having a negative impact on society. The salary gap between senior executives and average employees must be appropriate. If too small, it will lessen executives’ initiative. If too big, it will lead to social instability.”

According to a recent pay study co-authored by Mr Gao, senior executives at listed Chinese financial companies are paid 50 times as much as the average worker.

“It doesn’t make sense to benchmark Chinese SOE executives against western – and especially American – executives,” agrees Kjeld Erik Brodsgaard, director of Asia research at the Copenhagen Business School. “None of these guys are ever going to become the head of GE or a big American financial institution. They stay in China and move around as civil servants. In a Chinese context they are supermanagers.”

Mr Fu at Sinopec is a classic example of a Chinese supermanager. He had previously run China’s largest offshore oil company, Cnooc, and his transfer to Sinopec was decided neither by the refiner’s board nor by the State-owned Assets Supervision and Administration Commission.

Better known as Sasac, the government commission is nominally charged with administering China’s largest SOEs; in fact, it is overshadowed by the Communist party’s powerful Organisation department, which both transferred Mr Fu to Sinopec and appointed his successor at Cnooc. “Sasac was supposed to manage and control these companies but it never really happened,” says Mr Brodsgaard. “Sasac was not authorised to receive dividends from these companies and doesn’t even appoint their chairman and chief executives.”

Sasac’s authority was further undermined last year by the arrest of its former head, Jiang Jiemin ; the former SOE oil executive was caught up in a larger investigation into his patron, Zhou Yongkang, who once sat on the Communist party’s all-powerful standing committee and ran China’s domestic security services.

Additional reporting by Wan Li

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Permalink 03:49:45 pm, by dacare, 125 words, 423 views   English (US)
Categories: News of China, Comp, Salary & Benefit

Expected salary of university graduates has fallen to 3,680 yuan per month, a record low in past four years, the Beijing News reported on Wednesday.

According to China Graduates Employment Pressure Report of 2014 released by Beijing Youth Stress Management Service Center, the expected salary was 5,537 yuan in 2011, almost 2,000 yuan more than this year.

It also shows that there are more than seven million university graduates this year, the highest number in history. However, salary and employment pressure are at the lowest in past four years.

Although the expected salary this year was a slight drop compared to 2013, but seen against the 5,537 yuan in 2011, the decline was substantial.

Meanwhile, with the drop in expected salary, the employment pressure also fell from 18.17 percent last year to 16.91 percent in 2014.

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Permalink 01:40:06 pm, by dacare, 77 words, 405 views   English (US)
Categories: Comp, Salary & Benefit

Chinese migrant workers' wages up 13.9 pct

The average monthly wage for China's 166 million migrant workers rose 13.9 percent last year, said the Ministry of Human Resources and Social Security on Thursday.

Migrant workers, defined as those who have worked away from home for more than six months, earned an average of 2,609 yuan (429.2 U.S. dollars) per month, said the ministry.

China had a total of 269 million farmers working in non-agricultural sectors by the end of 2013, up 2.4 percent year on year, according to the ministry.

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