The China Securities Regulatory Commission has recently set an annual salary ceiling for its officials at no higher than 600,000 yuan (or $90,300), according to sources close to the CSRC.
However, information has not been disclosed on whether the sum entails only a basic salary (not subject to bonuses and tax reductions), or if it already takes in account all amounts payable (such as a state-mandated social security). In stark contrast to previous packages in the 2 million yuan range, numerous officials have resigned over this salary cut, added the sources.
The salary reduction plan for CSRC officials has been formally implemented since 2015, after a blueprint of it was released end of 2014. In particular, the reduction would apply to all high level officials including chairmen, general managers, deputy general managers, among other officials that are directly overseen by CSRC.
As of currently, the highest paid CSRC official is Zhou Ming, chairman of China Securities Depository and Clearing Corporation Limited. His 2015 income before tax was recorded at 856,000 yuan. Similarly, the salaries of other higher ups are recorded at somewhere between the 600,000 to 800,000 yuan range.