JD.com Slashes Executive Pay by up to 20%
(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.
- MOST POPULAR