"The part of the public offering salary "more than 2.9 million will be returned"? Employees ridiculed that they only ate two meals a day after taking a pay cut

China Times

2024-06-27 20:49China Times official account

The full text is 1704 words, and it takes about 5 minutes to read

Highlight the point

01Recently, it was reported that a central enterprise asked its head public fund company to "return more than 2.9 million yuan of the salary paid to employees in 2023", which caused heated discussions in the financial circle.

02 However, insiders of a number of public fund companies said that this news has not been confirmed, and there is no news about it within the company.

03 In fact, the salary limit of 2.9 million yuan mainly involves key positions such as vice presidents and above executives of public fund companies, investment directors who focus on investment research, and star fund managers with large management scales.

04 Since the beginning of this year, many public funds have faced the pressure of salary cuts, and some employees ridiculed that they only eat two meals a day after salary cuts.

05 Experts said that salary cuts are the general trend in the context of increasingly strict regulatory policies and declining profitability of the fund industry, which requires the industry to carry out more exploration and reform in improving the investment and research platform and system of long-term investment and value investment.

Technical support is provided by Tencent Hybrid Model

Recently, there is news in the market that a central enterprise requires its head public fund company to "return more than 2.9 million yuan of the salary paid to employees in 2023", and the departing employees also need to be refunded.

The news quickly sparked widespread discussion in financial circles. The reporter of "China Times" asked the two public funds involved in the above news for confirmation on this matter, and the staff of the two companies did not directly deny it, only saying that "I don't know, we also saw it on the news".

The reporter of this newspaper interviewed a number of insiders of public fund companies and found that many fund companies began to cut salaries this year; Some fund practitioners are burdened with huge mortgage pressure but dare not resign; Some fund companies have not yet issued year-end bonuses, and some employees said that they "don't know if they can still pay them".

"Salary cuts and bonuses are just a method, not a goal." Wang Tieniu, director of the Anjinxin Fund Evaluation Center, told the China Times that how to better bind the interests of fund companies and fund managers directly with the interests of investors, better solve the problem of "funds make money, but the people do not make money", and better enhance investors' sense of gain and holding experience, these are the key directions of the optimization and reform of the salary incentive system of fund companies.

"Two meals a day after a pay cut"

Regarding the statement that "the part of the salary exceeding 2.9 million yuan needs to be returned", the reporter of "China Times" asked a total of 75 fund company insiders, and different fund companies gave different responses. Some said that "there is no such news within the company", and some said that "they have no access to relevant information, and they do not know whether it is true or false".

Some employees of fund companies told reporters, "I heard the news, and the circle is spreading, but such a high annual salary does not involve us" "There is no such news within the company at all, and there should be no relevant plans at present."

In fact, according to an interview with this reporter, even if the salary limit of 2.9 million yuan is true, it mainly involves key positions such as vice presidents and above executives of public fund companies, investment directors who focus on investment research, and star fund managers with large management scales. These people often enjoy higher remuneration levels due to their important position and contribution in the company. The salary of ordinary public fund practitioners is "far from 2.9 million". Therefore, even if the limited salary document is issued, many insiders in the company may not be aware of it.

Since the beginning of this year, many public funds have had a hard time. An employee of a fund company admitted to this reporter that there had been a salary cut. A fund person lamented to reporters, "I was still talking about finance with my friends yesterday, and I have completely stepped down from the altar", and another employee joked that "I only eat two meals a day now due to the salary cut", "There is still space, and I can still eat one meal a day".

Some companies have not yet paid their year-end bonuses last year

Regarding the year-end bonus, some employees of small public funds said that "last year's year-end bonus has not been issued so far". Some public fund employees said: "The fixed salary of the company's employees has not been reduced, and it is unclear whether the year-end bonus will be reduced, because it is not yet the time to pay the year-end." ”

"Yesterday, I saw on the Internet that some companies asked for salary refunds, and with the high-quality development of the industry and the overall income of the industry decreasing, salary cuts or bonus reductions should be the trend." Another fund company employee said.

However, there are still a number of public funds "sitting firmly in the Diaoyutai", and their internal employees said that they did not cut their salaries. A leading public fund employee said: "I must have heard of industry gossip, but there is no such news within our company, and there should be no relevant plans at present." Another public fund employee said: "The company has not yet received the relevant notice. The company's overall salary situation is also normal at present, and there is no salary cut. ”

In the process of communicating with people in the fund industry, the reporter of "China Times" found that although the general environment tends to be "difficult", there are still public funds that are "doing well".

"Our new fund raising is not bad, and this year's performance is okay." A person from a fund company told reporters.

The industry's salary valuation system has changed

At present, the statement of the upper limit of 2.9 million yuan cannot be confirmed. A public fund person told the "China Times" reporter: "If it is true, this figure will become a soft criterion, which is equivalent to a change in the industry's salary valuation system, and the impact will definitely be not small." ”

Wang Tieniu told the China Times: "The salary cut in the fund industry is first of all in response to the requirements of regulatory policies. ”

In recent years, with the rapid development of the mutual fund industry and the continuous strengthening of supervision, the phenomenon of excessive remuneration has begun to attract the attention of regulatory authorities.

On April 26, 2022, the China Securities Regulatory Commission (CSRC) issued the "Opinions on Accelerating the High-quality Development of the Public Fund Industry", which clearly stated that fund managers should strictly implement the salary deferral system, and strictly prohibit short-term incentives and excessive incentives. In the same year, the Asset Management Association issued the Guidelines for Performance Appraisal and Remuneration Management of Fund Management Companies, requiring fund companies to establish and implement a deferred payment system for performance-based remuneration for a period of not less than three years. In April 2024, the new "National Nine Articles" issued further clarified that it is necessary to improve the salary management system of the securities and fund industry and resolutely rectify the bad atmosphere.

It can be seen that by urging fund managers to strictly implement the salary deferral system and strictly prohibiting short-term incentives and excessive incentives, the regulatory authorities are trying to standardize the remuneration system in the industry from the institutional level.

"The salary cut in the fund industry is the general trend in the context of increasingly strict regulatory policies, lower fund rates, and declining profitability of the fund industry." Wang Tieniu said that in the past period of time, the public fund industry has experienced great development in the industry, the total scale of public funds has exceeded 30 trillion yuan, and the salaries of public fund employees, especially executives and some star fund managers, have also risen, and the salary level far exceeds the average level of society.

"More exploration and reform of the industry is needed in terms of continuously improving the investment and research platform and system of long-term investment and value investment, and establishing a salary system that is directly linked to investor returns and satisfaction." Wang Tieniu said.

Editor-in-charge: Ma Xiaochao Editor-in-chief: Xia Shencha

Related Reading:

There is a public offering of central enterprises to hand in the first salary refund before Friday, and the salary refund is carried out in two steps

Is it all the fault of the salary cut? During the year, 159 fund managers left, the highest number in the same period in the past nine years

View original image 40K

•