Sea Ltd. mentioned it’s giving most staff a 5% pay enhance after turning worthwhile, a milestone for the Singapore e-commerce and gaming firm that slashed prices drastically through the expertise trade’s downturn.
Workers who joined on or earlier than March 31 will get the wage bump efficient this July, billionaire founder Forrest Li mentioned in a memo to employees on Monday, seen by Bloomberg News. He mentioned the corporate has reached “self-sufficiency” as its money steadiness is now rising relatively than shrinking each quarter, a purpose it achieved forward of a goal set final yr.
The Asian web big reported its first-ever quarterly web revenue in March, about 14 years after its founding. In latest months, the corporate reduce hundreds of jobs, froze salaries and slashed greater than $700 million from quarterly gross sales and advertising and marketing bills to persuade buyers of its profit-making means.
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Source: economictimes.indiatimes.com