Exclusive: China to cut pay by half for staff at top financial regulators, sources say

Reuters - 14/01
China is set to slash pay for staff at its top three financial regulators, including the central bank, by about half, as part of a regulatory revamp unveiled in 2023 to bring their salaries in line with other civil servants, sources said.
  • China to slash pay of staff at top financial regulators by half
  • Pay cuts to be implemented with effect from this month
  • Move comes as part of a government revamp unveiled in 2023
BEIJING/HONG KONG, Jan 14 (Reuters) - China is set to slash pay for staff at its top three financial regulators, including the central bank, by about half, as part of a regulatory revamp unveiled in 2023 to bring their salaries in line with other civil servants, sources said.
Starting from this month, staff at the People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA) and China Securities Regulatory Commission (CSRC) will see total income slashed by about half, said four sources.
The sources, who have knowledge of the matter, declined to be identified due to the sensitivity of the matter.
The hefty pay cuts would come against the backdrop of China's current focus on boosting consumption, including spending by millions of civil servants, as part of its efforts to maintain a stable growth rate in 2025.
The cuts would also mark a shift in the remuneration policy for staff at the financial regulatory bodies and would come two years after a regulatory revamp that was aimed at consolidating powers and oversight at the top of the government.
The State Council Information Office, which handles media queries on behalf of the Chinese government, and the regulators did not immediately reply to Reuters request for comment.
None of the three regulators disclose their exact official headcount.
The NFRA, a beefed-up version of the then banking and ins...
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