Caixin
Nov 22, 2022 08:44 PM
BUSINESS

JD.com Slashes Executive Pay by up to 20%

Workers unload parcels onto a conveyor belt at a JD.com sorting center in Beijing in October 2021. Photo: Bloomberg
Workers unload parcels onto a conveyor belt at a JD.com sorting center in Beijing in October 2021. Photo: Bloomberg

(Bloomberg) — JD.com Inc. is slashing salaries for about 2,000 managers by 10% to 20% and diverting some of those savings toward a $1.4 billion employee benefits fund, aligning China’s No. 2 online retailer with Xi Jinping’s “common prosperity” campaign to share the wealth.

Billionaire JD.com founder Richard Liu will donate 100 million yuan ($14 million) of his own money toward staff welfare, a person familiar with the matter said. China’s largest online retailer after Alibaba Group Holding Ltd. will also set up a 10 billion yuan fund to provide staff with interest-free home loans, the person added, asking not to be identified because it hasn’t been publicized.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code