HONG KONG: From cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work, to reining in travel and entertainment expenses, Chinese financial firms have jumped on an austerity drive as Beijing pushes to bridge the wealth gap. The steps come as authorities vow to clamp
HONG KONG: From cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work, to reining in travel and entertainment expenses, Chinese financial firms have jumped on an austerity drive as Beijing pushes to bridge the wealth gap.
China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style"financial elite" and rectify the hedonism of excessive pursuit of"high-end taste". The mutual fund has also asked staff to refrain from posting pictures of expensive meals, clothes or bags on social media, said an employee, to avoid attracting regulatory glare or public criticism.
Industrial and Commercial Bank of China and China Construction Bank Corp plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said. Besides anti-corruption crackdown and"common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials.
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