25.68 million employee sample analysis: The financial industry compensation is 2.35 times the manufacturing industry

"China Economic Weekly" reporter Sun Tingyang ｜ Beijing report

"Financial enterprises should strictly abide by financial laws and regulations and systems and regulations, firmly establish the ideas of life, and strictly manage budget management and strengthen internal control with cost management and control." Notice "This requirement.

What is more noticeable is that the notice clarifies a series of regulations on the salary of state -owned financial enterprises: reasonably control the distribution level of jobs, effectively balance the income distribution relationship of leadership, middle -level cadres, and grassroots employees, increase the front line employees, grassroots levels Employees are tilted; establish and improve the deferred salary distribution system and account for salary pursuit; formulate performance salary recovery and deduction mechanisms.

The financial industry has been considered a high -paying industry for a long time. At the end of July, a employee of CICC was exposed to the relevant screenshots of the "post -90s securities traders per month" in Xiaohongshu, which caused a round of public opinion storm.

In such a social atmosphere, the notification of the Ministry of Finance was widely interpreted as a "salary limit order" for the financial industry.

The compensation of the financial industry has become the focus of attention.

What is the salary level that has received much attention in the near future?

How much is the annual salary gap in manufacturing and financial industry employees? What is the gap between the average salary of employees and executive salary?

According to Wind data from China Economic Weekly, according to Wind data, from 2018 to 2021 (hereinafter referred to as the "Statistical Division"), the average annual salary of the financial industry employees is 2.35 times the manufacturing industry and 1.69 times that of other industries.

Among them, the salary of the securities industry is at the peak position of the financial industry. The average annual salary of employees in the industry during the same period is 3.76 times that of the manufacturing industry and 2.71 times of other industries.

The salary level of the securities industry executives is the "Pearl in the Crown". It ranks first in the financial industry. It is 1.22 times that of the financial industry executives, 2.62 times of other industry executives, and 2.83 times of manufacturing executives.

How much is the gap between the salary of the manufacturing employee and the financial industry? Employees of securities industry employees for 1 year of salary and manufacturing employees for 4 years

According to the classification standards of the CSRC, in the above statistics samples, the manufacturing and financial industry listed companies are 2401 and 111, respectively. There are 1,285 listed companies outside these two industries. This article attributes these listed companies as "other industries".

There are many well -known companies in these three categories.

The manufacturing industry includes 30 major categories such as mechanical manufacturing, steelmaking iron and ironmaking, and household appliances, accounting for 63%of the number of sample companies. Among them, well -known companies such as SAIC Group (600104.SH), Industrial Fulian (601138.SH), Baosteel (600019.SH), Midea Group (000333.SZ), China CRRC (601766.SH) and Guizhou Maotai (600519999 .Sh), etc.

The financial industry includes subdivisions such as banks, securities, and insurance, and the number of companies accounts for 3%of samples. Well -known securities companies such as CITIC Securities (600030.SH), Haitong Securities (600837.SH) and Cathay Junan (601211.SH) have a total of 50 companies. A total of 34 well -known banks such as ICBC (601398.SH), Construction Bank (601939.SH), Agricultural Bank (601288.SH) and other 34. The insurance industry includes large companies such as China Ping An (601318.SH), China Life (601628.SH), and China People's Insurance (601319.SH).

Other industries account for 34%of listed companies, of which some companies are equally important, such as Sinopec (600028.SH), Chinese architecture (601668.SH), China Unicom (600050.SH), etc.

Statistics span 4 years. The statistical interval includes both 2018 and 2019 before the epidemic of new coronary pneumonia, and in 2020 and 2021 after the epidemic began.

In 2021, the number of employees in the manufacturing, other industries and financial industry listed companies, each with a total of 12.36 million, 9.93 million, and 3.39 million, totaling 25.68 million. With such huge data, the coverage is quite large.

According to the asset -liability statement and cash flow statement of listed companies, calculate the total salary paid for employees each year for companies in various industries. Compared with the number of employees, it can calculate the average annual value. According to the salary data disclosed in the annual annual report, the gap between senior executive salary between different industries can be known.

It should be noted that employees 'salary is not hand -paid. Employees' salary includes basic salary, bonuses, allowances, subsidies, employee benefits and various insurance premiums, provident funds, annuity, and other forms of compensation from the company. Under normal circumstances, this data is higher than the hand -to -hand salary of employees.

The average salary of employees in the financial industry is 2.35 times the manufacturing, which is 1.69 times that of other industries

From the perspective of statistical results, the annual salary of employees in the financial industry is indeed a leading position.

The average annual salary of the financial industry, other industries and manufacturing industries in the statistical interval was 330,400 yuan, 195,200 yuan, and 140,500 yuan, respectively. It can be seen that in the three types of industries, the financial industry is the bottom of the manufacturing industry.

In the financial industry, the salary of employees in the securities industry ranks first.

In the statistics area, the annual average salary of employees in the securities industry is 528,700 yuan, which is 1.6 times the average of the financial industry, 2.7 times of other industries, and 3.76 times the manufacturing industry. It can be said that the salary of employees in the securities industry for one year, employees in other industries take about 3 years and manufacturing employees take about 4 years to earn. Employees of employees in the securities industry will win GDP. Compared with the average salary of 2021 in 2018, the average salary of the financial, other industries and manufacturing industries increased by 23.4%, 22.4%, and 22%, respectively. The financial industry has increased and the manufacturing industry is at the bottom. During the statistics range, GDPs across the country increased by 23.41%. Among the three types of industries, the growth of compensation in the financial industry was closest to GDP. During the same period, the average salary of employees in the securities industry rose 42%, and about 18 percentage points were won.

In 2021, the two companies with average salary of people in 2021 are CICC (601995.SH) and CITIC Securities (600030.SH). The annual average salary is 984,500 yuan and 853,400 yuan, respectively.

CICC is the head of the brokerage industry. In the A -share market, the A -share IPO project and re -financing projects completed by the main underwriter in 2021 are ranked second in the market; As the book manager's owner underwritten the size of Hong Kong stocks, all ranked first in the market; as the sponsor owner's owner underwriting the number of Hong Kong stocks ranked second.

Compared with 2020, the average salary of CICC employees fell from 1.1557 million yuan to 984,500 yuan. During the same period, the number of employees of the company increased by 45%, operating income increased by 27%, and the total salary of employees increased by 23%. The increase in total salary is lower than the number of employees increase, and the per capita salary shows a decline.

CITIC Securities is also the same in the A -share market. In 2021, the main underwriting market share in the A -share market is 18%, the first market is the first; the company has completed the market share of the main underwriting project of the re -financing, ranking first in the market; I; Hong Kong market equity financing business ranking secondary China Securities Corporation.

The average salary of employees is the case. What is the salary of the financial industry executives?

How high is the financial industry executive? The average salary of the securities industry executives is nearly three times that of the manufacturing executives

By counting the average annual salary of the top three executives in each company's salary rankings, you can take a glimpse of the compensation comparison of executive salary of companies in various industries.

The comparison of the top three executives in the salary ranking is also after the manufacturing industry, the leading financial industry, and the securities industry at the top of the financial industry.

The salary amount of various companies in the financial industry ranks among the top three executives. The annual average salary in the statistics area is 2.15 times that of other industries and 2.33 times that of the manufacturing industry. The average annual salary of the first three executives of the securities industry executives is 1.22 times the financial industry, 2.62 times of other industries, and 2.83 times of manufacturing.

Some executive salary rankings are in the top brokers.

In 2021, some of the executive salary of some securities companies has decreased, and what changes have executive compensation in the head?

In 2021, securities companies with an annual salary of more than 5 million yuan in salary in 2021, including CITIC Securities (600030.SH), CICC (601995.SH), CITIC Jianhuang (601066.SH), Haitong Securities (600837. SH) and Guoxin Securities (002736.SZ). Compared with 2020, the senior management of the five companies has reduced salary, and Haitong Securities, CITIC Securities and Guoxin Securities have risen by 22%, 5%, and 4%, respectively.

In 2021, although the salary of CICC executives is still at the forefront, it has declined hugely compared to 2020. From the 2021 report, Huang Haizhou's compensation of the management committee was reduced by 11.39 million yuan to 7.91 million yuan, and Wang Sheng's salary of the management committee was reduced by 10.32 million yuan to 8.29 million yuan.

The senior manager of the top 3 salary of Haitong Securities was Chen Chunqian, the assistant to the general manager, respectively, an increase of 940,000 yuan to 6.02 million yuan from the previous year. Jiang Chengjun, assistant to the general manager and secretary of the board of directors, increased 1.25 million yuan to 5.5 million yuan from the previous year. According to the company, the above salary includes the delayed distribution of performance wages, term incentives, medium and long -term incentives, etc. of the previous year's delayed distribution.

CITIC Securities's top 3 executive salary in the first three salary of 33.9 million yuan in 2021, of which Jin Jianhua, a senior management member, has a total tax return from the company of 10.75 million yuan; Ma Yao, member of the Executive Committee, is 11.63 million yuan; Xue Jirui was 11.53 million yuan. The three people increased by 3.288 million yuan, 661,700 yuan, and 959,900 yuan compared with the previous year. According to CITIC Securities, the pre -tax remuneration of these executives includes the basic annual salary, the annual salary of benefits (including the time bonus and deferred bonuses issued in 2021), special awards and insurance benefits.

Guoxin Securities ranked in the top 3 executives of executives increased by 4%. President Deng Yan was 5.3952 million yuan, Vice President Du Haijiang was 4.9953 million yuan, and Vice President and Secretary of the Board of Directors Li Chuanli 1.48423 million yuan.

Those who are familiar with the securities market should be no stranger to Deng Ye, who was a spokesman for the Securities Regulatory Commission. Deng Yan later went to Guoxin Securities from the Securities Regulatory Commission.

Guoxin Securities ’s annual report of 2021 disclosed that Deng Ye was the deputy director of the Policy and Regulations Division of the Securities and Futures Commission, the investigation staff of the second regulatory office, the director of the work office of the M & A and reorganization committee, the spokesman, and the deputy director of the listed company supervision department. He joined Guoxin Securities in May 2020, and later served as director and president of Guoxin Securities. He Chuanli is close to Deng Yan. He was the two director of the Shenzhen Securities Regulatory Bureau (Securities Management Office), deputy director, chief clerk, deputy director, director of the listed company, and the Securities Regulatory Commission. Member of the Sixth GEM issuance and trial committee, the two director of the Shenzhen Securities Regulatory Bureau, etc. Joined Guoxin Securities in December 2017.

Is salary a major business expenditure of securities and banking industry? High proportion of salary in the securities industry in business income

On May 13th, the Securities Industry Association issued the "Guidelines for Establishing a Salvation Salary System for Securities Company", requiring securities firms to implement the concept of stable business, ensure the requirements of the bottom line of compliance, promote the formation of positive incentives, and "compliance, integrity, professionalism, stable" The cultural concept is incorporated into the management of salary, and the talent training mechanism and incentive mechanism that focuses on long -term development.

A research report of Tianfeng Securities stated that the securities industry is a talent -intensive industry with high per capita salary and is the largest source of operating expenses. The report estimates that assuming the salary decreases by 15%, the net asset yield of listed brokers in 2021 will increase from 9.5%to 10.7%.

What is the proportion of employees' compensation in the three types of industries mentioned earlier? In other words, how much is used to pay employees' salary?

Taking 2021 as an example, in other industries, employees' salary accounted for 7.21%of operating income, 8.71%of the manufacturing industry, and 13.19%in the financial industry, that is, the financial industry with the highest salary income ratio.

The financial industry is the first to live in the securities industry. The salary of employees in the two industries of securities and banks accounted for 27.24%and 15.97%, respectively, higher than that of the financial industry as a whole, and higher than the manufacturing and other industries.

The "Notice on Further Strengthening the Financial Management of State -owned Financial Enterprises" issued by the Ministry of Finance on August 3 states that this notice is applicable to wholly state -owned and state -owned controlling financial enterprises (including state -owned actual control financial enterprises).

In the financial industry, especially among securities listed companies, it is mainly state -owned enterprises, of which 32 are central state -owned enterprises or local state -owned enterprises. China Galaxy, Shenwan Hongyuan and CICC are central state -owned enterprises; CITIC Securities, Haitong Securities, and Guotai Junan are local state -owned enterprises.

There are 19 state -owned enterprises listed companies with an annual salary of more than 15 million yuan (per person per average of more than 5 million yuan) in the top three executives in salary. 6 of them are listed companies, of which 6 are securities listed companies; There were 12 brokers with an annual salary of more than 10 million yuan, and there were 12 in 2021.

On July 14, 2021, the Securities Industry Association released the results of the 2020 securities company's cultural construction practice evaluation results. Based on the results, it is divided into 12 categories and 22 categories. The remaining C type is "cultural construction at a general level at the industry". Class D vouchers are "major problems or defects in cultural construction work."

According to media reports, some brokerages of categories A and C, which were selected as Class A and B, include the excessive salary incentive and the salary plan of senior management personnel was obviously unreasonable. The so -called "obvious unreasonable" means that the average salary increase of the company's senior managers is higher than that of operating income or net profit increase of more than 30 percentage points, and there is no reasonable explanation.

Responsible | Yao Kun

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