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Pay cuts approved for SOEs

Wei Tian and Zhao Xinying
Updated: Aug 29,2014 10:12 AM     China Daily

The top leadership of the Communist Party of China decided on Aug 29 to cut salaries for executives at State-owned enterprises.

During a meeting presided over by President Xi Jinping, the Political Bureau of the CPC Central Committee approved plans to reform the system that determines centrally administered SOE executives’ salaries, the size of their expense accounts and other privileges.

The plans call for ceilings to be set on SOE executives’ expense accounts and for restrictions to be placed on their official vehicles, offices, training, business receptions, domestic and overseas business trips and communications.

The plans strictly prohibit any spending of public funds for personal purposes and pledge to stop misuse of such funds for club memberships, healthcare and entertainment.

The size of the cut was not announced at the meeting on Aug 29.