Most listed banks boost average salaries in H1

Over the past half year, the financial results of China's listed banks showed the majority have increased the average salary for employees during the period, with Ping An Bank and China Merchants Bank claiming the top two spots, according a report by Securities Times Monday.

The newspaper filed related data among 23 listed banks, including five State-owned banks, eight joint-stock banks and seven city commercial banks, saying 20 of these banks raised salaries at an average level from January to June and 12 grew by more than 10 percent, as the average salaries in H1 for Ping An Bank and China Merchants Bank both exceeded 310,000 yuan ($43,290).

With total salaries in H1 at 250,000-270,000 yuan, four city commercial banks -- the Bank of Nanjing, Bank of Jiangsu, Bank of Ningbo and Bank of Hangzhou -- followed the top two.

Due to cuts in all compensation expenditures, the Bank of Beijing and Huaxia Bank saw a slight downward trend in this respect, while the Bank of Ningbo's average H1 salary level was dragged down by a 10 percent increase in staff.

State-owned banks generally offered salaries under 150,000 yuan for each employee in the first six months.

However, the aforementioned were just rough numbers, not taking into account differences among specific departments and positions. Meanwhile, different locations of bank branches can also affect the remuneration level, as bank branches have different business sizes and asset quality in different areas across the country.

Additionally, 15 out of 23 banks have reduced their workforce in the past half year, and six State-owned banks -- including the Postal Savings Bank of China, which went public on the H-share market -- have altogether cut 34,000 jobs over the same period. The figure surpassed the total amount of last year.

Bucking the trend, the Bank of Ningbo had net growth in recruitment reaching 1,275 -- the only bank among the 23 with the figure surpassing 1,000, and it added 1,225 employees over the second half of last year as well.

Usually, staff members choose to quit a job after obtaining a year-end bonus, so a company's workforce shrinkage often happens in the first half of the year, and the company will recruit more in the second half.

Replaceable support positions, some management staff and those without advantageous educational backgrounds were the main sources contributing to job losses in the first six months this year.