Ministry of Human Resources and Social Security will carry out an in-depth study with relevant departments on new regulations aimed at standardizing executive pay within state-owned enterprises (SOE).
The process is divided into two steps: first, to regulate pay packages for top executives at state level SOEs, and then guide the local government to regulate pay packages for executives local government owned companies.
Five principles are taken into account in the process of making the regulation:
First, to combine market regulation and government regulation.
Second, to balance the incentive and constraints mechanism.
Third, to balance short-term incentive and long-term incentives.
Fourth, to coordinate wage growth of executives and employees.
Fifth, improve the remuneration system and standardize supplementary insurance and other aspects.
Hu said that the drafting of this document is almost completed and it will be released and implemented shortly.
By People's Daily Online
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