Executive compensation is a topic of great interest whenever the automobile group releases its annual report. In China, there exists a significant disparity between the salaries of executives in electric vehicle manufacturers and those in fuel-powered vehicle manufacturers.
Several photos surfaced online on May 11th showing employees of Shanghai Pudong Development Bank (SPDB) protesting in Shanghai. The protest was due to their dissatisfaction with salary cuts, which occurred after an employee from the bank's wealth-management subsidiary complained about a nearly 70% reduction in pay.
The announcement on April 21st that a city in eastern China will pay civil servants and public institution employees solely with digital currency starting in May has garnered significant attention.
Many frontline workers at CATL, a Chinese battery giant, have reported reduced income and no work to do. As a result, some of these workers have opted to resign.
A Chinese web user verified to be a fresh master's graduate from the elite Tsinghua University complained online recently that the monthly salary for a back-end development engineer at ByteDance was as low as 20,000 yuan ($2,947) per month.
Shanghai-based game company miHoYo on January 12 denied rumors that it had been issuing extremely high year-end bonuses, with some employees that receive a monthly salary of 8,000 yuan ($1,184) taking in a 864,000 yuan bonus ($128,150).
Chinese vehicle manufacturer Evergrande Auto is now in the midst of wage arrears and layoffs after plans were revealed to cut 60% of workers at its Tianjin plant.
Richard Liu, the founder of Chinese e-commerce giant JD.com, announced in an email to all employees on November 22 that starting from January 1, 2023, the cash salary of senior managers will be reduced by between 10% and 20%.
Huang Xiuhong, the chairman of Beijing-based electronics retailer GOME Holdings, said recently that until the end of December, the company will only provide social security to its employees, and it will not pay wages.
Faraday Future, a California-based electric vehicle maker, on October 26 announced the appointment of Yun Han as Chief Accounting Officer and interim Chief Financial Officer, as well as new financing progress from an affiliate of ATW Partners LLC.
