Chinese Tech Firm Employees Receive Generous Annual Bonuses
China’s Employees In Large Tech Companies Are Receiving Generous Annual Bonuses From Their Bosses, As Those Companies Saw Revenues Surge.
China’s Employees In Large Tech Companies Are Receiving Generous Annual Bonuses From Their Bosses, As Those Companies Saw Revenues Surge on the back of China’s robust economic recovery and growing internet market following the coronavirus pandemic. There have been posts circulating on China’s Twitter-like Weibo that Tencent is giving 100 shares to its employees as annual bonus. That means a Tencent employee would receive more than 60,000 yuan ($9,306) for the yearly bonus considering the company’s current share price.
Tencent later explained to the media that not everyone is entitled to receive the money. Instead, the 100-share bonus is given to employees that have made “special contribution” to the company. But according to some media reports, although not every Tencent employee can receive the bonus, some new employees who worked at the company for less than a year also got access to the award.
Chinese short video start-up Kuaishou arranged 100 shares to every formal employee as an extra bonus, with a value of about 29,000 yuan ($4,498) considering the company’s current share price, according to several employees in the company. Beijing-based Momo Technology has also reportedly arranged a gift package to its employees which included an iPhone 12. Most Chinese employees are expected to receive a year-end bonus, and the amount varies from company to company. Usually the annual bonus is one or two months’ salary.
The news of such “generous” year-end bonuses have triggered discussions on China’s social media platforms, with many netizens expressing envy. One netizen said he once regretted not buying Tencent shares, and now he regretted not working at Tencent.
Employees in China’s largest tech companies are receiving generous bonuses as many firms saw surging business amid the coronavirus pandemic, which pushed people to resort to online platforms for economic activities. For example, Tencent’s net profit surged by 89 percent year-on-year to 38.54 billion yuan in the third quarter last year, according to Tencent’s financial report.
This news was originally published at Global Times.