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Salary restructuring for top SOE officials soon

Senior executives of State-owned enterprises may soon face pay cuts that will trim their salaries from 12 times to eight times the average salary of common workers. A plan for SOE executives' salary reform has now been distributed to State-owned enterprises recently. Each company will formulate detailed regulations based on general requirements and its actual conditions, market sources told China Business News, a Shanghai-based newspaper. According to the plan, the basic salary of senior executives will be two times the average salary of staff workers for 2013. Their performance-related pay should not exceed two times their basic salaries, and incentive pay should not exceed 30 percent of their annual salaries during their term in office. Apart from salaries, China will also impose strict control over SOE executives' benefits, such as housing provident fund, said Su Hainan, deputy director of the China Association for Labor Studies.

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