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China’s Banks Ask Employees to Return Bonuses

As China’s economy slides downward and banks strive for survival, several banks have asked their employees to return bonuses and subsidies.

Taiwan’s Central News Agency cited a Securities Times post on WeChat saying that several Chinese banks are reclaiming performance bonuses “totaling nearly 100 million yuan (US$ 13.8 million). The China Merchants Bank, Bohai Bank, and Bank of China together accounted for a total of 89.48 million yuan.”

“In 2022, more than half of the approximately 40 listed banks disclosed such bonus reclamations in their annual reports. For example, China Merchants Bank reclaimed a total of 58.24 million yuan in 2022, and 43.29 million yuan in 2023.”

Source: Central News Agency (Taiwan), April 3, 2024