JD.com announces pay cuts of 10-20% for managers amid China slowdown

JD's decision came a few days after Chinese President Xi Jinping reiterated "common focus" as the government's aim

Beijing-based e-commerce giant JD.com will slash the salaries of around 2,000 senior managers and executives to boost education and housing benefits for other employees. The announcement was made by the company's founder Richard Lio Qiangdong in an internal mail, the South China Morning Post (SCMP) reported. 

The salaries have also been cut to reduce the financial pressure amid a slowing economy in China. The cuts will amount to 10-20 per cent of the salary and will be implemented from next year. The cuts will be steeper for higher-level executives. 

JD's decision came a few days after Chinese President Xi Jinping