Nury Vittachi: The war against inequality in China is real, and having a serious effect. Investment bankers’ salaries have been cut by up to 60 per cent, Reuters reported.
.
A junior financial analyst was criticized in China after posting her pay slip on the internet, revealing that she earned 2.24 million yuan a year, which is about US$330,000.
.
Finance specialists everywhere tend to be higher earners, but a Chinese campaign called “common prosperity” is urging firms to avoid the excessive earnings gaps seen in other countries.
.
Pay data shows that it is working. But for some in the finance industry, more upsetting than the loss of bonuses is another guideline issued by the government: stop demanding business or first class flights every time you go anywhere.