Pay Cut Sparks Protest Against Shanghai Bank Unit’s IT Vendor
In a recession-led time driven by job cuts, pay cuts and halt on employee benefits, news reports of employee staging protests are now common. Days after Microsoft announced no hike in salary for its employees this year, a post on the social media platform WeChat has gone viral wherein an employee of Shanghai Pudong Development Bank is seen engaging with a vendor of the bank's subsidiary over a 70 per cent wage cut.
The news soon made way for protests as the staff of the bank's subsidiary expressed concerns over job security and employment prospects.
The bank's side of the story is that the employee's performance review turned out to be below par and consequently he had accepted the revised pay cut. The bank also assured that discussions are in progress with the management and staff to find an amicable solution to the grievances.
