China Funds Weigh $415,000 Pay Cap in ‘Common Prosperity’ Drive
- Funds submitted proposals to regulators: people familiar
- Move follows broader decisions to cap pay in finance sector
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Several Chinese mutual fund managers have proposed capping staff salaries at about 3 million yuan ($415,000) in response to President Xi Jinping’s “common prosperity” drive, according to people familiar with the matter.
Some of the firms have submitted their proposals to regulators for approval, the people said, requesting not to be named because they weren’t authorized to speak publicly. The plans are preliminary and could be subject to change.