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在线翻译:
szdaily -> Business -> 
JD.com to slash exec salaries by 10-20%
    2022-11-23  08:53    Shenzhen Daily

JD.COM Inc. said yesterday it would cut the salaries of its senior managers by 10-20% next year to help pay for improved benefits for other staff.

The company, one of China’s largest e-commerce giants, said the decision will affect the salaries of around 2,000 managers, with steeper cuts for higher-level executives.

The cuts, expected to take affect from 2023, would “improve ground-level employees’ benefits” and “alleviate pressure on the company,” JD said in an internal letter.

A JD.com spokesperson confirmed to Reuters and The Wall Street Journal that the letter was authentic.

“The employee benefits improvement plan is currently being promoted, with a focus on front-line staff,” the spokesperson said in a statement.

JD.com said executive salaries could recover to their current levels if the company’s earnings resume high growth in two years.

Bloomberg quoted a person familiar with the matter as saying that JD.com’s billionaire founder Richard Liu will donate 100 million yuan (US$14 million) of his own money toward staff welfare.

JD.com, China’s second-largest online retailer after Alibaba Group Holding Ltd., will set aside a 10 billion yuan fund to set up a housing security fund for employees, including at recently-acquired logistics service Deppon Logistics.

JD.com will also expand social security coverage to more workers and contractors, it said.

JD.com posted an 11.4% rise in third-quarter revenue Friday, beating analysts’ estimates as COVID-19 lockdowns in China led more consumers to shop online.

JD.com chief executive Xu Lei said on a call with analysts Friday that the company has seen signs of consumption recovery as China adjusted it zero-COVID policy.

“The worst moment is basically over,” he said.

(SD-Agencies)

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