BEIJING, April 30 — Chinese e-commerce giant Alibaba Group Holding has frozen pay for senior executives in 2021 and is instead giving junior staff bigger salary increases, sources said, in an effort to preserve its workforce amid a regulatory clampdown. Hundreds of top-tier executives at Alibaba...
Friday, 30 Apr 2021 06:43 PM MYT
The Hangzhou-based company, though, has offered considerable wage increases to junior staff, they said. In a statement to Reuters, Alibaba did not directly comment on the pay freeze for executives, but said: “Talent is Alibaba Group’s most important asset. We have a robust and competitive compensation system that reflects our priorities in cultivating our next generation of talents.”Alibaba’s Hong Kong-listed shares fell more than 2.5 per cent today, in line with a weak broader market.
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