Category: Comp, Salary & Benefit


Permalink 11:30:28 am, by dacare, 384 words, 143 views   English (US)
Categories: News of China, Banking & Financial Services, Comp, Salary & Benefit

Banking Layoffs Continue in China as Salaries Slashed in First Half

The departures come as the banking industry struggles against strong financial headwinds.

China’s biggest banks have eliminated thousands of jobs in the past six months to June 2016, as the nation’s banking industry, despite avoiding the huge fines for compliance breaches that weighed on their Western peers, has seen a challenging year amid a sluggish economy, lower interest margins and top-down financial reforms.

Big banks in China have announced almost 1.62 million new job cuts this year, and thousands more are expected, as the wave of lay-offs that began in 2013 shows no sign of abating.

So far, 10 out of the 16 listed mainland banks have reported a headcount drop. The top six listed banks, which reported their weakest profit growth in a decade, have cut a combined total of 34,691 jobs in the first half of the year, the semi-annual reports of the banks showed. This marks the biggest scale of employee departure ever recorded in China’s banking sector, which has expanded uninterrupted over the past 10 years.

Salaries are also going down
According to several media reports, many banks have been easing staff for different reasons, with China Merchants Bank scaling back the most, cutting 10 per cent of its workforce. Bank of China said its headcount at the end of June 2016 had decreased by 6,881 to a total of 303,161 employees. Agricultural Bank, the nation’s biggest bank employer, lost 4,023 staff while Industrial and Commercial Bank of China cut back by 7,635. China Construction Bank also shed 6,721 staff to 362,462.

Besides a reduced number of workers, salaries are also going down as Chinese banks’ profits slid 3.5 per cent on the year, while the four state-owned banks reported profit growth below one per cent. In addition, the first-half data showed that Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank reduced their salary expenses, including salaries, bonuses, allowances and post-employment benefits, by 1.6 percent, 2.9 percent, and 2.18 percent respectively.

Compensation structures are generally different in Chinese banks compared to their Western peers. For example, the average annual income for a mid-level banker can typically range between $100,000 to $125,000 while similar international counterparts offer more than double those salaries. They also offer longer holidays and fewer travel curbs, while Chinese staff can only get five days annual leave and must request approval from authorities before being allowed travel abroad.

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Permalink 02:07:48 pm, by dacare, 303 words, 99 views   English (US)
Categories: News of China, Comp, Salary & Benefit

Survey: Shanghai salaries up 6.7% in 1st half of 2016

SHANGHAI employees saw their salaries increase 6.7 percent on average in the first half of the year, but the raise was the lowest of all China’s first-tier cities, according to a survey.

Pay rises in Shenzhen, Beijing and Guangzhou ranged from 7.1 percent to 8.8 percent, while the average level in second-tier cities was 7 percent, according to the survey by China International Intellectech (Shanghai) Corp.

It said 64 percent of Shanghai companies said they had increased pay for all employees, second only to Guangzhou, and no decreases were reported.

The state-owned human resources agency said the Shanghai increase was no surprise given that city pay levels were already high.

“The cost of employing people in Shanghai is very high after decades of fast growth,” said the CIIC survey center’s Pang Limin.

“The result matches our prediction of from 5 to 7 percent at the beginning of this year.”

Across the country, average pay rises dropped to 7 percent from 8.7 percent in the same period last year.

Pang attributed to the downward trend to China’s slowing economy.

Real estate replaced the Internet industry at the top of the pay rise list with an increase of 8.6 percent following a surge in house prices.

Pang said companies in Shanghai were entering a period of low pay rises as they had more mature human resources management systems with multiple staff incentives and flexible benefits, such as stock shares and allowances.

“Employers in other cities are learning such practices but they depend more on salary adjustment at this moment,” she said.

There were also more foreign ventures in Shanghai while Guangdong had more local private companies, which had the highest increase in the survey, Pang said.

Only 39 percent of companies surveyed in Shanghai said they would expand recruitment with budget increases for recruitment of 22 percent, both lowest of the four first-tier cities.

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Permalink 01:54:58 pm, by dacare, 138 words, 149 views   English (US)
Categories: News of China, Comp, Salary & Benefit

Shanghai white-collar best paid

Shanghai overtook Beijing to be the best paid city for white-collar workers in the first quarter of this year, recruitment portal said yesterday.

White-collar workers in Shanghai were the best paid on the Chinese mainland with a monthly average salary of 8,825 yuan ($1,362), followed by Beijing at 8,717 yuan.

Shenzhen was third at 8,141 yuan, said in a report based on job positions posted on the website.

The best paid jobs in Shanghai were in professional services such as treasury, legal and human resources drawing an average monthly salary of 13,449 yuan, ahead of 13,049 yuan paid for positions in the energy sector.

Joint ventures and listed companies were the most generous employers, while private companies and government-backed organizations paid the lowest salaries, the report said.

But state-owned companies remained the most popular among job seekers who preferred stability.

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Permalink 10:13:48 am, by dacare, 370 words, 202 views   English (US)
Categories: News of China, Comp, Salary & Benefit

Downturn adds to salary woes of migrant workers

A worker at a furniture workshop in Dongguan, Guangdong Province.

Cases of salary cuts or pay defaults involving migrant workers increased by 34 percent in the first three quarters, partly due to the ongoing economic downturn, according to a trade union official.

Zhang Bo, an official at the All-China Federation of Trade Unions, said such cases and other violations of workers' rights are still rampant, especially in Guangdong, Anhui and Heilongjiang provinces and the Inner Mongolia autonomous region.

"They are no longer limited to the construction industry?they have spread to the manufacturing sector as well," he added.

According to the business news website, only 30 percent of manufacturing companies can pay wages on time. Many such companies are facing financial strains and are having to make huge layoffs.

Last year, there were 274 million migrant workers in China, with an average monthly income of 2,864 yuan ($572.8), according to a National Bureau of Statistics report released in April 2014.

The report said 0.8 percent of the migrant workers, or 2.19 million, could not receive their pay on time.

The average salary amount in default was 9,511 yuan. More than 60 percent of the migrant workers did not sign labor contracts with employers.

Zhou Litai, a lawyer specializing in protection of migrant workers' rights and interests, said the situation this year could be even worse because the economic downturn has affected many traditional industries.

"The wage cuts and defaults happened mostly in the construction sector. Most migrant workers cannot get their money until a project is completed," said Zhou, who is based in Chongqing.

"Many projects were illegally outsourced several times before they were officially started.

"What is worse, some project contractors borrowed money from loan sharks. When they receive payment for the project, they have to pay the loan sharks first, and then have no money for the migrant workers," Zhou said.

Zhang said his federation would support the government in establishing a monitoring and warning system on salary-related issues to help migrant workers get paid. "Some local trade unions also explored a new mechanism to ensure migrant workers receive payment. For example, the union in Shanxi province has set up a fund that will pay migrant workers first before getting the money back from their employers."

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Permalink 10:59:12 am, by dacare, 120 words, 383 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, 255 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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