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Government to cut salaries of SOE executives

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Government to cut salaries of SOE executives

Government has decided to cut salaries for CEO and executives of state-owned enterprises (SOEs) by 30-60 percent. 

  • 30 percent pay cut on MNT 5-10 million 
  • 50 percent pay cut on MNT 10-20 million
  • 60 percent pay cut on more than MNT 30 million 

Also, the Government has stopped providing additional benefits including improvement of housing conditions and one-time grant. Bonuses will be given based on the evaluation of performance during their tenures.  

Some expenses such as domestic and international trips and purchasing furniture will be recalled to the state budget in accordance with the decision. Moreover, the Government has assigned to reform the salary and bonus systems for CEOs and executives of SOEs at board level. 

Government has decided to cut salaries for CEO and executives of state-owned enterprises (SOEs) by 30-60 percent. 

  • 30 percent pay cut on MNT 5-10 million 
  • 50 percent pay cut on MNT 10-20 million
  • 60 percent pay cut on more than MNT 30 million 

Also, the Government has stopped providing additional benefits including improvement of housing conditions and one-time grant. Bonuses will be given based on the evaluation of performance during their tenures.  

Some expenses such as domestic and international trips and purchasing furniture will be recalled to the state budget in accordance with the decision. Moreover, the Government has assigned to reform the salary and bonus systems for CEOs and executives of SOEs at board level. 

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Category
Economy
Published
2016-08-18


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