OSAKA (Kyodo) The Osaka Securities Exchange will implement a performance-based annual salary system for all managers this month to survive increasingly severe competition with the Tokyo Stock Exchange, OSE officials said Friday.

On April 20, the OSE will start paying one-twelfth of an individually set annual salary each month for about 50 employees in managerial posts, the officials said. The current pay system is based on monthly salary plus bonuses. Such employees account for 25 percent of the OSE’s total workforce, they said.

“The gap in annual income (between employees) could be as much as double,” an official said.

The TSE dominates the domestic spot as a stock market with a share of more than 90 percent in terms of trading volume.

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