China Jobcut
Layoff: China’s Big Tech mount with Kuaishou, iQiyi said to be joining ByteDance in job cuts
Beijing: Short video giant Kuaishou, rival ByteDance, and Baidu-owned video-streaming platform iQiyi are trimming their payrolls, marking yet another wave of job cuts in China, media reports said.
While it is common practice for Chinese tech firms to lay off underperformers at year’s end, the job cuts this time appear deeper than usual after a year of harsh regulatory tightening on the sector, reports South China Morning Post.
Hong Kong-listed Kuaishou has started to let go of employees who received low scores in performance reviews, according to three people familiar with the matter who declined to be named because they are not authorised to speak to the media told the newspaper.
Laid-off employees have been offered compensation based on the number of years they had served, plus one month’s salary, said reports.
“It has set off panic among a lot of people in the company because the lay-offs appear to start with highly-paid team leaders,” one of the sources told South China Morning Post.
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