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State firms to increase bonuses for innovators
By Cai Wenjun |
August 17, 2012, Friday
|
Online Edition
Online Edition
ENGINEERS and technicians at state-owned companies are expected to earn bigger bonuses based on the revenue of their innovative projects under a new Shanghai policy to stimulate scientific research and technology innovation.
Currently, their bonuses are capped at 30 percent of the income generated by their inventions.
"To boost innovation in state-owned enterprises, we encourage engineers and technicians to discuss the bonus rate with their employers and the 30 percent bonus cap should be abolished," said Shou Ziqi, director of Shanghai Science and Technology Commission, at yesterday's press conference about establishing a city-level industrial research organization.
Enterprises will be the key players in technology and product innovation, not the government, he said.
Compared with private companies and foreign multinationals, state-owned companies in China lag far behind in product research and development.
Shanghai government will invest at least 30 percent of the income of state-owned companies in product research and development. Innovation will be a key criterion to judge the performance of senior executives of state-owned companies.
Shou added that investment in innovation will also be calculated as profits of state-owned companies.
Currently, their bonuses are capped at 30 percent of the income generated by their inventions.
"To boost innovation in state-owned enterprises, we encourage engineers and technicians to discuss the bonus rate with their employers and the 30 percent bonus cap should be abolished," said Shou Ziqi, director of Shanghai Science and Technology Commission, at yesterday's press conference about establishing a city-level industrial research organization.
Enterprises will be the key players in technology and product innovation, not the government, he said.
Compared with private companies and foreign multinationals, state-owned companies in China lag far behind in product research and development.
Shanghai government will invest at least 30 percent of the income of state-owned companies in product research and development. Innovation will be a key criterion to judge the performance of senior executives of state-owned companies.
Shou added that investment in innovation will also be calculated as profits of state-owned companies.
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