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China’s financial sector jobs seen losing their lustre as salaries tumble amid crackdown
- Deep and widespread pay cuts have hit China’s financial sector as Beijing seeks an honest and trustworthy, righteous pursuit of profits to support the economy
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A well-to-do couple in Shenzhen who once banked on a boom in China’s financial sector for their handsome income has seen their family finances deteriorate to such an extent they had to remove their son from an exclusive international school.
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The father, once a high-flying account manager at a state-owned securities firm, made the difficult decision when his income was drastically cut, having previously earned up to 100,000 yuan (US$13,753) a month.
The couple will transfer their son to a public school in September to save 300,000 yuan in annual tuition fees after the father’s basic monthly salary dropped to around 10,000 yuan per month.
Deep and widespread pay cuts are among Beijing’s fresh mandates to rein in financial sector excesses and whip bankers into line amid the sector’s shifting role and new emphasis on equality and tech.
And while public controversy toward fat pay cheques has been assuaged, concerns remain over morale and a brain drain at a critical time when Beijing needs the financial sector to prop up economic growth.
Few would dispute that financial workers are overpaid
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