Top Alibaba executives can pretty much forget about pay raises this year, though the Chinese e-commerce is known for its generous salary hikes.
Exceptions may be made for senior-most employees who did their jobs astoundingly well, according to Reuters.
The salary-freeze news comes as China increasing is trying to curb its homegrown tech giants’ power. Alibaba itself has felt the sting of the ever-expanding watchful eye of the government in the form of an estimated $2.8 billion fine, stemming from an anti-monopoly probe earlier this month.
Executive compensation at Alibaba usually includes as much as a 10% pay hike annually, on average, plus stock incentives, Reuters reports.
“Talent is Alibaba Group’s most important asset. We have a robust and competitive compensation system that reflects our priorities in cultivating our next generation of talents,” the Hangzhou-based company told the news service.
It stock is $232.09, per share, down $2.09 or 0.89% per share in early-morning trading.
Alibaba has been a Fast Company Most Innovative Company nine times since 2008 and was named one of the magazine’s 100 Best Workplaces for Innovators in 2o2o.