China’s Finance Elite Face $400,000 Pay Cap, Bonus Clawbacks
- Some employees are also pressured to return excess pay: people
- Moves come as Beijing tightens grip on financial industry
The era of big paychecks for Chinese financiers is fast coming to an end as some of the industry’s biggest companies impose strict new limits to comply with President Xi Jinping’s “common prosperity” campaign.
The nation’s largest financial conglomerates have asked senior staff to forgo deferred bonuses and in some cases return pay from previous years to comply with a pre-tax cap of 2.9 million yuan ($400,000), according to people familiar with the matter.
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