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JD to cut executive salaries up to 20% for 2023 · TechNode


Chinese e-commerce giant JD plans to cut the salaries of about 2,000 senior managers by 10% to 20% next year to improve employee benefits, with more cuts for higher-level executives, according to an internal email to staff signed by JD founder and chairman Richard Liu. The move aligns with the vision of “common prosperity” proposed by Chinese President Xi, which aims to regulate excessively high incomes. Liu added that JD will recover the salaries of those affected by the pay cut if its revenue growth improves over the next two years. The company posted 11.4% growth in third-quarter net revenues last Friday amid an economic downturn, which it attributed to strong growth in core business and continuous cost-saving measures. The Beijing-based company also said it would invest RMB 10 billion ($1.40 billion) to provide staff working in JD for more than five years with interest-free loans for home purchases. [The Wall Street Journal]

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