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China tech to slash pay for top staff as China growth slows

E-commerce giant pledges help to ordinary workers amid Beijing pressure

HONG KONG -- Chinese e-commerce giant is to cut pay by up to 20% for senior executives, saying the move would help deal with slowing growth and improve welfare for lower-paid staff, in an apparent nod to Beijing's push to narrow the country's wealth gap.

More than 2,000 employees at the deputy director level and above will be affected by the pay cuts, with cash salaries slashed by 10% to 20%, starting Jan. 1 next year. The biggest cuts will fall on the most senior employees.

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