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The wave of salary cuts in the financial sector has attracted widespread attention this year, and the issue of salary cuts in the banking industry has become a hot topic. However, there is great debate about whether bank salary cuts should involve executives or all employees, and whether they have already been implemented. Many bank employees say that the pay of grassroots employees is already relatively low, and that further reductions may not be able to maintain a normal life.
The inside story of bank salary cuts is far more complicated than it seems, and there are three key secrets that are worth digging into.
The first secret, the base salary of bank employees does not fall. Although the overall wage cuts in the financial sector have become a general trend, the banking sector has limited the range of wage cuts. The reason for the salary cut is not only the policy requirements, but also the multiple challenges faced by banks, such as narrowing interest rate spreads, falling profits, non-performing loan pressure, inclusive finance and the development of small and micro enterprises. Actual data shows that the per capita salary of employees of 16 listed banks in 2022 is lower than the level in 2021, and although the per capita salary of employees of 26 banks increased month-on-month, the trend of salary cuts will not fundamentally change. However, the base salary level of bank employees is usually not affected by salary cuts, so for most employees, salary cuts do not feel much.
The second secret is that bank salary cuts are mainly reflected in performance rewards and year-end bonuses. The basic salary accounts for only a small part of the income of bank employees, while performance rewards and year-end bonuses account for the lion's share. Different banks use different performance reward methods, including quarterly performance reward, monthly performance reward and individual performance reward. However, regardless of the modalities, the issuance of these bonuses is closely linked to the achievement of performance indicators. As the complexity of the business environment increases, some banks' performance metrics become more difficult to meet, which leads to lower levels of performance rewards. In addition, the year-end bonus is also affected by the completion of the full year results, and now the performance prospects are not optimistic, the year-end bonus may be reduced. In addition, increased regulatory checks and penalties will also directly impact year-end bonuses. These factors have combined to lead to a decline in performance rewards and year-end bonuses, which have become the main way for bank employees to reduce salaries.
The third secret is that bank salary cuts may affect various benefits, such as housing provident funds, car subsidies and enterprise annuities. Benefits packages have always been one of the reasons why bank employees are popular, especially in the six major state-owned banks, where they have more generous benefits. However, there are no clear statutory requirements for the standards of these benefits, so banks can adjust the distribution standards of these benefits independently, thereby indirectly affecting the hidden salary income of employees. Specifically, housing provident fund, car subsidy and enterprise annuity are the most popular welfare items for employees, and their downward adjustment may have an important impact on employees' actual income. Banks' salary cuts, while not necessarily a cover-up, are often more discreet and may not be easily noticed by employees.
In summary, bank salary cuts have a complicated situation, although the basic salary of employees has not decreased, but the decline in performance rewards and year-end bonuses has become the main trend. In addition, the reduction of various welfare benefits is also quietly occurring. Bank employees need to pay more attention to their overall income situation to adapt to this changing environment. Do you already know the three secrets of bank salary cuts? If you work in a bank, please share your opinion in the comments section.
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