What percentage reduction in salaries for top managers is mentioned?
Online Retailer JD Cuts Managers' Pay as Xi Seeks 'Common Prosperity'
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The video discusses JD.com's decision to cut salaries for top managers by 10-20%, affecting around 2000 people. The savings will fund a $1.4 billion employee benefits fund, with the founder contributing $14 million. The fund will offer interest-free home loans. This move aligns with China's common prosperity drive to reduce inequality. Other companies like Alibaba and Tencent are also participating. The tech sector faces cost cuts, with potential operational uncertainties into 2023.
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1.
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2.
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How much money is being allocated to the employee benefits fund?
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3.
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What is the purpose of the fund being established for employees?
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4.
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What is the common prosperity drive aimed at addressing?
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Which companies are mentioned as participating in similar initiatives?
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