Bank of China Implements Nationwide Salary Gap Reduction Initiative - Sources

Bank of China has initiated a nationwide effort to reduce salary gaps among its employees and mid- and high-level managers in response to China's "common prosperity" drive, aimed at addressing income inequality. The bank has implemented a "salary management system reform plan" at its headquarters, with plans to roll it out to branches across the country within the next two years. The plan involves raising salaries for employees below mid-level managers by 10% to 15% and reducing salaries for higher-level managers by a similar range. This move follows pay cuts at other financial institutions and aims to address wealth inequality within the bank.