Tencent changes its salary policy to slow the pace of pay rises in latest sign China tech jobs are losing their shine
- Employees who receive a promotion are no longer entitled to an immediate salary increase, according to an internal letter seen by the Post
- Tencent’s workforce numbered 116,200 at the end of March 2022, up from 112,700 at the end of December 2021
Chinese social media and gaming giant Tencent Holdings, which reported flat revenue in the first quarter, has adjusted its salary policy to make it harder for employees to receive pay rises, according to an internal letter seen by the South China Morning Post.
As part of the change, employees who receive a promotion are no longer entitled to an “immediate” salary increase, and the salary review process has been pushed back by a month from June to July, according to the letter. The authenticity of the letter was confirmed by Tencent employees.
Tencent declined to comment on its new salary policy.
The internal compensation policy changes are the latest sign that China tech jobs, which traditionally offered generous packages and regular pay rises, are quickly losing their shine as the sector reels from regulatory crackdowns, an economic downturn and widespread job cuts.