CRI听力： Beijing News: Salary Cap Wouldn t Impair Competitive Edge of National Financial Institutions
2009-02-13来源:和谐英语
The ongoing economic downturn has triggered a worldwide wave of job slashing and salary cuts, and China is no exception.
China's Ministry of Finance recently unveiled a new policy imposing a salary cap on executives of state-owned financial institutions.
But some bank analysts hold that the move is likely to impair state-owned financial institutions' competitive edge, as their executives' moods will be affected, making them less motivated.
An article in Thursday's Beijing News, however, puts forth a different view.
The article says executive pay in state-owned enterprises is not supposed to be on a par with that of private enterprises, as state-owned enterprises are exclusively funded by the government and enjoy preferential policies. Some even operate as monopolies. Therefore, executives at state-owned enterprises experience less pressure than their counterparts in private enterprises.
The writer points out that a new Ministry of Finanace regulation dictates that the yearly salary for executives in state-owned financial institutions will be comprised of basic salary, performance salary, welfare income and long-term incentive premiums. With the long-term incentive premium, there is no required limit, allowing for great flexibility, which means a workable incentive mechanism still exists.(www.hXen.com)
The article warns that we should not be overconcerned about possible job-hopping among executives at the beginning of the new policy, because other talented people will fill the vacancies.
Talent retention requires competitive salaries, good career prospects and an extraordinary corporate culture. State-owned enterprises can always succeed in keeping talents with their edge in career and culture aspects, so their competitive abilities will not be impaired.
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