Huawei to give staff $390 million in cash rewards, Latest Business News - The New Paper

Huawei to give staff $390 million in cash rewards

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SHENZHEN: Chinese telecoms giant Huawei Technologies said yesterday it will hand out 2 billion yuan (S$390 million) in cash rewards to staff working to help it weather a US trade blacklisting.

The world's largest telecoms equipment provider has said it has been trying to find alternatives to US hardware after the United States all but banned it in May from doing business with American firms, disrupting its ability to source key parts.

The cash is a mark of recognition for work in the face of US pressure, Huawei's human resources department said in a notice to its staff.

It will also double pay this month for almost all its 190,000 workers, a company spokesman said.

The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the US, the spokesman said.

Details of Huawei's plan were first reported by the South China Morning Post yesterday.

Many in the US government believe that Huawei's equipment, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. - REUTERS