Chinese annual income gap ratio widens to 4.2 :1 in 2010

Beijing, Dec 3(ANI): China's annual salary gap ratio between different industries has widened to 4.2 :1 in 2010, a new report has shown.

The wage gap is widening rapidly though the country's new salary system has come into effect, Chinese Ministry of Human Resources and Social Security's labor and salary research institute Director Yang Liming said.

The finance industry had the highest annual salary of 70,146 Yuan in 2010, while the farming industry had lowest 16,717-Yuan salary, the China Daily reports.

There is also a striking difference between salaries in urban areas and top posts.

For example, in Shanghai, people working in banks had an average annual income of 357,500 Yuan in 2010, which is ten times higher that of the average urban worker in China.

The report also showed that rural families had an average income of 5,919 Yuan, as compared to 19,109 Yuan in urban areas in 2010.

Shanghai workers were highest paid 2010, with an average level of 66,115 Yuan, while Heilongjiang workers had the lowest pay with 27,735 Yuan.

Managers at listed companies earned an average salary of 668,000 Yuan in 2010, which is over 18 times than the average annual salary in China. (ANI)