2 C
New York
Monday, March 8, 2021

ByteDance to hand out cash bonuses to staff amid U.S. pressure on TikTok

Must read

Gold: Hunt Continues for Bottom in $1,600 Territory

Commodities6 minutes ago (Mar 08, 2021 01:36PM ET) By...

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 1.37%

Stock Markets8 minutes ago (Mar 08, 2021 01:35PM ET) ...

Prince Harry, Meghan interview brings bumper U.S. TV audience

Sports & General12 minutes ago (Mar 08, 2021 01:30PM ET) ...

Dow Hits Record High on Swashbuckling Stimulus-Led Rally in Cyclicals

Stock Markets14 minutes ago (Mar 08, 2021 01:28PM ET) ...
imageStock Markets14 minutes ago (Sep 08, 2020 01:30AM ET)

(C) Reuters. FILE PHOTO: FILE PHOTO: Tik Tok logos are seen on smartphones in front of displayed ByteDance logo in this illustration

By Yingzhi Yang and Brenda Goh

BEIJING/SHANGHAI (Reuters) – TikTok owner ByteDance said on Tuesday it would hand out cash bonuses to employees working to help it “overcome challenges posed by the COVID-19 pandemic and changing macro environment”.

Full-time employees who have worked for 26 or more working days between July to August will be given a bonus worth half their August base salary, according to a letter from ByteDance to its employees that was seen by Reuters.

“Thank you for your hard work and dedication,” the letter says. ByteDance has said it has over 60,000 employees globally.

The bonus could run into hundreds of millions of yuan, based on ByteDance’s hiring advertisements and company sources.

ByteDance confirmed the letter but did not provide details.

ByteDance has come under global scrutiny amid concerns about TikTok’s collection of personal data and censoring of political content. The United States has said it will ban the short video app unless ByteDance sells the app’s U.S. operations amid rising tensions between Washington and Beijing.

ByteDance has said the Chinese government does not have any jurisdiction over TikTok content.

TikTok has also faced challenges in India, where it was among dozens of Chinese apps banned in June following a border clash between the countries.

“The TikTok team and especially the deal team have been working day in and day out,” a company source said, adding staff morale at TikTok had been hit by the global challenges as well as the departure of its CEO Kevin Mayer who quit after just three months.

ByteDance founder and CEO, Zhang Yiming, said in an earlier letter that the staff had been working “endless hours” amid the surrounding “noise”.

ByteDance’s cash bonuses, which come as many companies face financial pressure due to COVID-19 and a slowing economy, was on Tuesday among the most discussed topics on Maimai, China’s version of LinkedIn (NYSE:LNKD).

Late last year, Chinese telecoms giant Huawei [HWT.UL] also said it would hand out 2 billion yuan ($293 million) in cash rewards to staff as a mark of recognition for work in the face of a U.S. trade blacklisting.

($1 = 6.8357 Chinese yuan)

ByteDance to hand out cash bonuses to staff amid U.S. pressure on TikTok

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Gold: Hunt Continues for Bottom in $1,600 Territory

Commodities6 minutes ago (Mar 08, 2021 01:36PM ET) By...

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 1.37%

Stock Markets8 minutes ago (Mar 08, 2021 01:35PM ET) ...

Prince Harry, Meghan interview brings bumper U.S. TV audience

Sports & General12 minutes ago (Mar 08, 2021 01:30PM ET) ...

Dow Hits Record High on Swashbuckling Stimulus-Led Rally in Cyclicals

Stock Markets14 minutes ago (Mar 08, 2021 01:28PM ET) ...