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Workers stressed, confused as China cuts finance salaries but raises public sector pay (www.abc.net.au)

submitted 3 months ago by [email protected] to c/[email protected]

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As an accountant in China, Ms Wei works in the finance sector where the government has been cutting and capping workers' pay.

China's financial sector is led by state-owned banks and institutions, which are ultimately controlled by the government.

Ms Wei's monthly salary has been reduced from 6,000 yuan to 4,500 yuan and her year-end bonus slashed by more than half.

"They [the government] started to cut everyone's salary last July. It's a heavy blow to my life," Ms Wei said.

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[–] [email protected] 7 points 3 months ago (1 children)

Do note that it's not as bad as $800 sounds like to a US citizen: Shanghai is probably the most expensive city in China, and the cost of living there is $613 according to numbeo.com. But that's a pre-mortgage figure, and obviously a Western site may not be well up-pt-date with current realities.

[–] [email protected] 8 points 3 months ago (1 children)

my understanding is that you need 1k income to live decent in non tier 1 city, and in tier 1 city, you will need 2k to make worth it vis a vis QoL.

[–] [email protected] 5 points 3 months ago (1 children)

decently? definitely. a decent salary needs to be quite a bit above the cost of living

[–] [email protected] 5 points 3 months ago (1 children)

this comment and comment above are not logically congruent

You posit that her income loss is not too bad because bare min person can live on 613 so her going down to 600 is not that bad
Well obviously if you want a normal life you gonna need that cash money.

[–] [email protected] 3 points 3 months ago

My point was that it's bad, but not nearly as bad as someone earning $800 a month in the US. I did not articulate that well.