> ## Content Index
> Fetch the complete content index at: https://www.techloy.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Chinese e-commerce giant to cut the salaries of more than 2,000 senior managers
- URL: https://www.techloy.com/chinas-jd-com-cut-salaries-senior-managers/
- Published: 2022-11-23T16:28:23.000Z
- Updated: 2022-11-23T16:28:23.000Z
- Author: Emmanuel Oyedeji
- Tags: / News, Business, Tech in China

China's JD.com said on Tuesday it would cut the salaries of more than 2,000 senior managers by 10% to 20% next year to help pay for improved benefits for other staff amid the government's "common prosperity" drive to reduce income inequality, according to a report by *The Washington Post.*

This move came after Chinese President, Xi Jinping last year launched a renewed drive for "common prosperity", as an effort to reduce income inequality that threatens long-term economic growth and even the legitimacy of Communist Party rule.

Alibaba Group and Tencent Holdings last year pledged to spend billions to support the effort, while state-owned investment banks have implemented pay cuts and delayed bonus payments this year.  
  
The e-commerce giant which has about 540,000 employees now plans to allocate 10 billion yuan ($1.40 billion) for a fund to assist its employees and recently-acquired courier firm Deppon Logistics with buying homes.