BEIJING (Reuters) – Chinese e-commerce giant Alibaba Group Holding has frozen pay raises for senior executives in 2021, and is instead giving junior staff bigger pay rises, sources said, in an effort to retain its main workforce amid a regulatory clampdown.
“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 said in a statement to Reuters.
(Reporting by Yingzhi Yang, Cheng Leng, Yilei Sun, Sophie Yu, and Tony Munroe; Editing by Muralikumar Anantharaman)
