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Alibaba’s logistics unit Cainiao to double year-end bonus for employees, in morale-boosting move after scrapped IPO
- Cainiao will launch an ‘entrepreneurship incentive plan’ that will double the bonus pool allocated for its financial year ending March 31, 2025
- The Hangzhou-based e-commerce logistics giant had a total of 14,061 employees as of March 2023, down from 14,375 in 2022
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Ann Caoin Shanghai
Cainiao Smart Logistics Network said it will double the year-end bonus for all employees in its next financial year, a move that is expected to help boost staff morale after parent Alibaba Group Holding on Tuesday scrapped plans for the unit’s initial public offering (IPO).
Hangzhou-based Cainiao will launch an “entrepreneurship incentive plan” that will double the bonus pool allocated for the financial year ending March 31, 2025, according to company chief executive Wan Lin in excerpts from an internal letter seen by the South China Morning Post.
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That means employees will receive their standard year-end bonus in April 2025 and another bonus equivalent to that amount in August 2025. This plan will cover all full-time employees who are active at that time and eligible for the regular year-end bonus, according to the internal letter sent to employees on Tuesday night.
A global leader in e-commerce logistics, Cainiao had a total of 14,061 employees as of March 2023, slightly down from 14,375 in 2022, according to the firm’s previous prospectus. Parent company Alibaba owns the Post.
Cainiao is embarking on a “journey of entrepreneurship”, which requires the “continued collective effort and commitment of our entire team”, Wan said in the letter.
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“We will focus on developing key businesses, expanding our global logistics network, building global competitiveness and becoming a leading logistics network serving customers worldwide,” he said.
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