Chinese e-commerce giant to cut the salaries of more than 2,000 senior managers
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
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.
