Bank of China Executives to Take Pay Cut for Employee Wages

Bank of China spent 23.4 billion yuan on wages, bonuses and allowances for its 305,600 employees in the first half of this year. Photo: VCG

Executives of Bank of China’s (BOC’s) Guangdong branch may soon take a pay cut to compensate lower-income employees, reflecting growing pressure on traditional lenders, according to an internal document obtained by Caixin.

Under what it is calling Plan 1045, the Guangdong branch of BOC, one of China’s big four state lenders, for the first time set the minimum annual wage of employees at 100,000 yuan ($14,600), according to the document dated Sept. 20.