Rumor: China Mobile to Cut Salaries
National Business Daily, 2/24/10
According to regional China Mobile (NYSE: CHL; 0941.HK) subsidiaries, China Mobile will cut employee salaries at all levels, from national management down, this year. Some China Mobile employees said the cuts were made in compliance with demands from the State-owned Assets Supervision and Administration Commission (SASAC). China Mobile will reportedly enact a plan of 10% annual salary cuts over the next five years, with specifics of the plans to be handled by subsidiaries at the regional level. The SASAC Information Office has not yet confirmed details of the plan.
Editor's Note: China Mobile headquarters has not yet commented on these reports. A spokesperson for Beijing Mobile flatly denied the reports, saying "we have not heard any such thing from SASAC, or received anything about the matter from China Mobile." While SASAC has not commented, a source close to SASAC revealed that the company "is indeed working on a recommendation along these lines, but it's currently in discussion stages, and hasn't been implemented or codified."
Keywords: Beijing Mobile China Mobile wireless SASAC CHL 0941.HK HR
Sending
