Tencent revises the pay rise policy amid cost savings pressures

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Tencent Holdings has told staff it will no longer guarantee them a pay raise upon promotion, as it reviews its salary policy amid a wider cost-cutting drive.
Tencent told its employees of the policy change on Tuesday, saying the decision was taken as part of a yearly review in consideration of the “company’s operation plan and the external environment.”
Its latest policy change reflects the changing circumstances of China’s technology giants. Once among the fastest-growing Chinese firms, but now hit hard by a slowing economy.