TikTok Parent ByteDance to Hand Out Cash Bonuses to Staff Amid US Pressure

ByteDance has come under global scrutiny amid concerns about TikTok's collection of personal data and censoring of political content.

By Reuters | Updated: 8 September 2020 13:27 IST

TikTok Parent ByteDance to Hand Out Cash Bonuses to Staff Amid US Pressure

ByteDance's cash bonuses come as companies face financial pressure due to COVID-19 and a slowing economy

Highlights

The bonus could run into hundreds of millions of yuan
ByteDance CEO said that the staff had been working endless hours
ByteDance's cash bonuses was among the most discussed topics on Maimai

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.

TikTok Parent ByteDance Says Will Abide by New Chinese Export Rules

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 US operations amid rising tensions between Washington and Beijing.

Algorithm Question Said to Complicate TikTok Sale Deal

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.

Walmart Joins Microsoft Bid to Buy TikTok

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.

Late last year, Chinese telecoms giant Huawei also said it would hand out CNY 2 billion (roughly Rs. 2,153 crores) in cash rewards to staff as a mark of recognition for work in the face of a US trade blacklisting.

Should the government explain why Chinese apps were banned? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.