I got a job through "the highest competition rate ever."Chinese government employees who are "half of their salaries" in an instant [Now News]

It has been reported that the wages of executives and employees of China's three major financial regulators will be cut by half.Employees' salaries at China's central bank, the People's Bank of China (PBOC), the National Financial Supervisory Service (NFRA) and the Securities Supervisory Board (CSRC), will be cut by about half starting this month, according to a report by Reuters

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The cut rate is said to be 60% above the director level, 50% at the department head level and 40% at the general staff level, which is seen as part of a "reorganization of public employee wages" announced in 2023.

Compared to other institutions in China such as the Ministry of Finance and the National Development and Reform Commission, the government is trying to adjust the wage gap between public officials by reducing the salaries of employees of financial regulators who have very high wages.

For example, the Securities Supervisory Commission's annual salary for department heads is reported to be $49,25 (about 59.75 million won) to $54,570 (about 79.71 million won), double the annual salary for other organizations.

However, the sharp cuts run somewhat counter to a series of measures the Chinese government has recently implemented to boost domestic demand, Reuters noted.

Officials across the country received a surprise "gift" earlier this month, which was a $70 (about 100,000 won) increase in average monthly basic salary.

It was the first move in a decade to boost consumption amid a prolonged economic downturn.

Last year, a record 3.4 million applicants flocked to the test to become public officials with the advantages of a lifelong job and housing and insurance benefits.

Meanwhile, the agencies have not officially responded to the cuts.




AI Anchor | Y-GO
Edit Caption | Lee Mi-young


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