JD.com to cut senior executives salaries by 10-20%

BEIJING (Reuters) – China’s JD.com said on Tuesday it would cut the salaries of its senior managers by 10-20% next year to help pay for an effort to convert more contractors to salaried staff and provide such workers with more insurance protection.

The e-commerce giant made the announcement in an internal letter, that was circulated online and reported by local media. A JD representative confirmed to Reuters that the letter was authentic.

(Reporting by Sophie Yu, Brenda Goh; Editing by Kim Coghill)