According to news on March 24, recently, a piece of news about "the former general manager of a fund asking for salary" has attracted attention in the industry. According to the verdict disclosed by the Beijing Court Trial Information Network, Huang Hua, the former general manage

html March 24 news: Recently, a piece of news about “a former general manager of a fund asking for salary” has attracted attention in the industry. According to the verdict disclosed by the Beijing Court Trial Information Network, Huang Hua, the former general manager of Yimin Fund Management Co., Ltd. (hereinafter referred to as "Yimin Fund"), sued his old employer and demanded huge compensation.

The first-instance judgment shows that Huang Hua applied for arbitration to the Beijing Xicheng District Labor and Personnel Dispute Arbitration Committee. On July 22, 2020, the committee ruled that Yimin Fund paid Huang Hua from January 1, 2016 to December 27, 2018. The daily wage difference was more than 1.71 million yuan, and the economic compensation for terminating the labor contract was 76,203 yuan. Both parties were dissatisfied with the ruling and sued to the Xicheng District People's Court of Beijing.

Huang Hua’s demands to the court of first instance included that Yimin Fund should pay him 165,000 yuan for untaken annual leave in 2018, 135,000 yuan for non-compete compensation, and 26,749.93 yuan for reimbursement. Yimin Fund advocates not paying the salary difference to Huang Hua and terminating the labor contract as financial compensation.

focused on the most controversial issue between the two parties, the salary difference of more than 1.71 million yuan. Huang Hua proposed that his monthly basic salary and total performance totaled 150,000 yuan, but his salary standard from January 2016 to December 2017 was 120,000 yuan per month, and his salary standard from January to August 2018 was 75,000 yuan per month.

Yimin Fund believes that Huang Hua's performance during his tenure was extremely poor. While the average asset management scale of all 105 public funds in the industry increased by 51.83%, Huang Hua's asset management scale dropped by 45.81%. The net profit and loss of Yimin Fund in 2016, 2017 and 2018 reached 16.6228 million yuan, 7.7435 million yuan and 9.6002 million yuan respectively. In addition, Huang Hua also received a warning letter from the Beijing Supervision Bureau due to risk control and other issues. Therefore, Huang Hua does not enjoy a salary of 150,000 yuan including performance pay, and his salary should be 120,000 yuan.

In the end, the Beijing Xicheng District People's Court ruled that Yimin Fund did not need to pay Huang Hua's salary difference or financial compensation for the termination of the labor contract. It should pay Huang Hua more than 50,000 yuan of the 165,000 yuan in untaken annual leave wages and reimburse him in full. Huang Hua refused to accept the ruling and filed a lawsuit with the Beijing Second Intermediate People's Court.

The second instance court ruled that there was no evidence that the two parties reached an agreement on reducing the salary to 75,000 yuan between January and August 2018, and Yimin Fund should pay the salary difference of 360,000 yuan. From September 1 to December 27, 2018, Huang Hua was not assigned any work assignments and was on standby. Yimin Fund did not need to pay the difference in his salary.

In addition, because Huang Hua terminated the labor contract on the grounds that the company did not fully pay him labor remuneration, Yimin Fund should pay him economic compensation of 76,203 yuan, and pay his untaken annual leave wages and reimbursements in accordance with the first instance judgment. This means that the second-instance judgment found that Yimin Fund should pay Huang Hua a total of 516,354.66 yuan, which was less than one-third of the total amount of his appeal. (Text | "Financial World" Weekly Deng Haoyi)