As of now, the CSL (China Southern Airlines) has reduced its salary cap to 4.5 million yuan per year. This move is seen as a significant step towards improving the company's financial health and attracting more talent to join its team.
The reduction in salary cap was announced by the CEO of China Southern Airlines, Wang Yiming, during a conference call on November 29th. The move comes after the airline reported a loss of RMB 1.8 billion in the third quarter of 2021, which led to the suspension of the airline's operations for several months.
Wang Yiming explained that the salary cap was set at 4.5 million yuan per year because it was believed that this level would help the company attract more talented employees who were willing to work long hours or even night shifts to achieve their goals.
However, the reduction in salary cap may not have a direct impact on the company's overall performance. The company still has a strong financial position, and it can continue to invest in new technologies and improve its customer service to remain competitive in the industry.
Overall, the decision to reduce the salary cap is likely to be met with mixed reactions among employees, shareholders, and regulators. Some may view it as a positive step towards improving the company's financial health, while others may see it as a step backwards. Ultimately, only time will tell how this decision will play out and what impact it will have on the future of the airline.