How Much Will Big Tech Companies in China Cut Salaries... Alibaba 6.23 Million KRW per Month

[Asia Economy Reporter Kim Hyunjung] Hong Kong's South China Morning Post (SCMP) reported on the 1st that Alibaba, a leading Chinese IT company, offers the highest salaries in the industry.

SCMP cited a survey by the networking platform Maimai, stating that Alibaba Group's average monthly salary is around 33,500 yuan (approximately 6.23 million KRW), marking the highest level in the industry. ByteDance and Tencent Holdings recorded 32,800 yuan and 30,800 yuan respectively.

This data was compiled from about 5,000 verified Maimai users, and the amounts have not been officially confirmed by the companies.

According to Maimai, the companies that gave the most generous annual bonuses last year were smartphone manufacturer Oppo, Tencent Holdings, and Ant Group. Alibaba ranked 4th in bonus size with an average of 170,900 yuan, while Huawei Technologies paid an average bonus of 168,600 yuan. Ride-hailing company Didi Chuxing, which is soon to be delisted from the New York Stock Exchange, reportedly paid around 102,800 yuan annually.

These figures far exceed China's official per capita income. According to the National Bureau of Statistics of China, the average annual disposable income per capita nationwide last year was 35,128 yuan, which is equivalent to the monthly salary level at big tech companies. SCMP explained, "Despite regulatory crackdowns over the past year, working in the IT industry in China remains attractive."

However, salaries at big tech companies are reportedly under considerable pressure. More than 35% of Chinese internet and technology experts surveyed said they received smaller bonuses this year compared to the previous year. About 33% of respondents said there was no change.

The survey found that one-third of millennials in their 30s who have family responsibilities said they would not quit their jobs even if they were dissatisfied with their bonuses. In contrast, more than half of Gen Z respondents said they would "quit immediately or actively seek new employment" if their bonuses were cut.

Lin Fan, CEO of Maimai, said, "The size of annual bonuses reflects a company's financial performance and is an important symbol of the rise and fall of the industry," adding, "It can also serve as a barometer of the economy."

This content was produced with the assistance of AI translation services.