The "salary limit order" is frequent, why is the financial industry compensation still high?

"China Economic Weekly" reporter Wang Hongru Yao Kun | Beijing report

Zhang Pengfei, who worked at a securities company, wanted to buy a house recently, but the real estate down payment he saw was more than 800,000 yuan.

In 2021, the annual transaction value of A shares was 25.716 trillion yuan, which not only reached the highest level of history, but also drove the performance of brokerage's performance. Public data shows that a total of 10 securities firms have a net profit of more than 10 billion yuan. Thanks to the popularity of the A -share market, Zhang Pengfei, who worked in a securities company, was also very rich in year -end bonuses, which made the surrounding peers envy.

With the introduction of the recent new rules of the salary system of state -owned financial enterprises, he was a little worried about whether he could get a high year -end award at the end of the year. What impact will the new regulations have on Zhang Pengfei who work at a securities company?

Why did the Ministry of Finance publish a post at this time?

On July 28, a employee of CICC was disseminated online by his relatives on a social platform that "post -90s brokerage traders' monthly income exceeded 80,000" on the Internet, causing public opinion "fried pots".

After a lapse of 5 days, the Ministry of Finance issued the "Notice of the Ministry of Finance on Further Strengthening the Financial Management of State -owned Financial Enterprises" (hereinafter referred to as the "Notice" "), which was issued. Requirements: Actively optimize the structure of internal income distribution, scientifically design the salary system, and reasonably control the distribution level of the post.

Because the time interval is relatively close, many people think that the "Notice" is issued by the aforementioned "exposure incident" and public opinion, and interpret the "Notice" as a "salary limit order".

In the view of Wen Zongyu, a researcher at the Chinese Academy of Finance, the "salary limit order" released at this time is mainly related to the three -year operation of state -owned enterprise reform in the process of economic transformation.

"2022 is the year of the three -year operation of state -owned enterprise reform. The three -year operation deployment proposes to accelerate the formation of the state -owned asset supervision system that is mainly based on capital." Entrusted the Ministry of Finance to compile the state -owned assets management report and the national state -owned asset management report, which is one of the important functions of the Ministry of Finance; another important function of the Ministry of Finance is to supervise and manage the state -owned enterprises occupying and using state -owned assets. Financial enterprises are part of state -owned assets, and they are mainly performed by the Ministry of Finance of the Ministry of Finance to perform their supervision functions.

"Since the three -year operation of state -owned enterprise reform, the Ministry of Finance has continuously strengthened the functions of state -owned assets supervision and management. Especially in the year of the three -year operation of the state -owned enterprise reform this year, it is necessary to continue to strengthen supervision of financial state -owned asset management." Wen Zongyu said.

The financial industry has received many "salary limit orders" many times

This is not the first time that the financial industry has received a "salary limit order".

On August 17, 2009, the Ministry of Human Resources and Social Security, together with the Central Organization Department, the Ministry of Supervision, the Ministry of Finance, the Audit Office, the State -owned Assets Supervision and Administration Commission of the State Council, jointly issued the "Guiding Opinions on Further Regulating the Management of the Miscellaneous Management of the Central Enterprise" " It is called "a salary limit order of central enterprise executives" by public opinion.

The opinion stated that the basic annual salary of the main person in charge of the enterprise is associated with the average salary of employees in the previous year in the previous year; the annual salary of performance is determined according to the results of the annual operating performance assessment.

The person in charge of the relevant departments of the SASAC revealed in an interview with the media in January 2013 that the opinion on the principles of uniform and standardized principles of salary management of central enterprises such as central enterprises, central financial enterprises and railway, tobacco, and postal industries supervised by the SASAC And requirements.

It can be seen that this round of compensation reform plan for central enterprises has included central financial enterprises.

On August 29, 2014, the Political Bureau of the Central Committee of the Communist Party of China held a meeting to review and approve the "Reform Plan for the Salary System of the Leadership of the Central Management Enterprise", which was implemented in early 2015.

Some central enterprises were interviewed at the time that according to the remuneration reform plan of the central enterprise, the person in charge of the central enterprise in the financial sector may be more impacted, and the salary reduction will be very large.

According to reports, after the compensation reform plan was passed, the time leaders of many banks such as CCB, ICBC, and Agricultural Bank of China responded positively, and some banks began to deploy salary reduction.

In addition, the remuneration guidelines issued by the regulatory authorities and industry associations have also been widely interpreted as "salary limit order".

In February 2010, the former CBRC issued the "Guidelines for Commercial Banks' Stable Salary Supervision".

The relevant person in charge of the former CBRC said that when introducing the guidelines, it said that the improper salary system arrangement of many countries has led to excessive adventure and profit -seeking behavior of financial institutions, and caused the stability of financial institutions and the industry's instability. At present, strengthening the salary supervision of financial institutions has become the consensus of financial supervision authorities in various countries.

The person in charge also revealed that in recent years, the compensation problem of financial institutions has attracted great attention from the Party Central Committee and the State Council. It requires the height of building a harmonious socialist society and promoting the sustainable development of the financial industry. question. After the introduction of a series of policies and measures, the public's voice on reform of the banking industry was even stronger, and the recognition of banking financial institutions for reform of remuneration management was further enhanced. The social atmosphere of strengthening the supervision of the banking salary mechanism has been formed, and the timing and conditions have matured.

In May 2022, the China Securities Industry Association issued the "Guidelines for Establishing a Stable Salary System".

This guidelines include such a requirement: securities companies should clearly inform the main principles of the salary system, relevant requirements of labor discipline, and relevant provisions of the compensation confidentiality, guide employees to establish the correct value concept, know the adjustment of risk factors, and inappropriate behavior. Potential impact of salary. In June 2022, the China Securities Investment Fund Industry Association issued the "Guidelines for Performance Evaluation and Salary Management of Fund Management Company".

"Theoretically analyzed that because the financial industry's salary is high, the" salary limit order 'will be released in succession. This phenomenon is rare in other industries. The first question is that the financial industry salary is really high? Can it solve the problem of high salaries in the financial industry? It is obviously not so simple. "Professor Youguang, director of the Financial Engineering Department and researcher of the Institute of Securities and Futures Research Institute of Central University of Finance and Economics, told the reporter of" China Economic Weekly ".

Is the high salary of the financial industry reasonable?

According to statistics, in 2021, CICC's per capita salary was 984,500 yuan, and CITIC Securities was 853,400 yuan.

The salary of these two securities companies is very out of time, but compared with the salary of foreign and joint venture brokers, what is the salary of CICC and CITIC? Among the 12 foreign -funded and joint venture brokers, seven families salad more than one million, and the highest per capita salary of the per capita salary of nearly 3 million yuan in 2021.

Looking at the world, whether it is a developed or developing countries, the financial industry is not necessarily an industry with the highest salary of employees.

"The industry with the highest compensation is generally a new manufacturing enterprise driven by scientific and technological innovation and Internet high -tech enterprises. The revenue of employees in Wall Street's financial industry is very different from the income of Silicon Valley high -tech companies in the United States." Wen Zongyu went to China Economic Weekly The reporter said.

For example, the average annual salary of Internet giants Tencent workers, a per capita salary of 840,000 yuan, and a per capita annual salary of Huawei 703,000 yuan.

Nevertheless, in the view of Wen Zongyu, the level of compensation in the financial industry compared with the contribution and value services it provided by the entire economic development, the average salary level is still higher.

What is the reason for the high salary of the financial industry?

Why does the financial industry income high?

There are two reasons for Shangyou Photo Analysis: "First, since the reform and opening up of China, the economic development has developed rapidly and has a great demand for finance. In the process of financial services, the entire financial industry has shared the dividend of economic growth; on the other hand, on the other hand, Compared to other areas, financial reforms are relatively lagging. Of course, reform in this area is deepening. "

"Strictly speaking, the financial industry is still a high threshold industry." In Wen Zongyu's view, the current reform of my country's financial industry is relatively lagging, the degree of marketization is still not high, and the internationalization process is relatively slow.

"In the past 40 years of reform and opening up, the highest degree of internationalization in my country is export products. These export products have opened up the international market for our country and increased the influence of products in the international market, but exports have little financial services. And those market economies developed countries. There are not only products that enter the Chinese market, but also financial services. "Wen Zongyu said.

Financial opening is the prerequisite for improving my country's financial industry. Wu Changhai, deputy dean of the Capital and Finance Research Institute of China University of Political Science and Law, wrote a few days ago that since the end of 2001, my country has joined the WTO, and my country's financial industry has undergone three stages.

The main task of the first stage (2001-2006) is to implement the commitment to the WTO in my country. Taking the banking industry as an example, according to the open timetable, some banking industry opens to the outside world within 5 years after joining the WTO. For example, if the entire regional restrictions of foreign banks operating RMB business within 5 years after joining the WTO, foreign banks are allowed to go to all China within 5 years. Customers provide services, which is essentially setting up a 5 -year buffer period for foreign investment to enter the banking industry.

The main content of the second stage (2007-2012) is that my country further expands the financial industry to the outside world on the basis of the "entering the WTO" commitment.

Starting from the 18th National Congress of the Communist Party of my country, the third stage of the third stage (2012 to this day) has entered the stage of comprehensively deepening reform and opening up, and proposed the general requirements of "active use of" foreign investment and relaxation of foreign investment. Relax the establishment restrictions on foreign financial institutions, expand the scope of foreign financial institutions in China, expand the field of Chinese and foreign financial market cooperation, and promote active and effective use of foreign capital.

"Next, in the third stage of this round of higher levels of opening up, my country still needs to accelerate the pace of reform and opening up in the financial industry." Wen Zongyu believes that "if the marketization of the financial industry has improved and the compensation mechanism is adjusted by the market, What is the high salary that financial companies earn by their real strength? "Wen Zongyu said optimisticly.

(Zhang Pengfei in the text is a pseudonym)

Responsible | Yao Kun

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