Beijing-based Chinese internet technology company, ByteDance, has announced cash bonuses to all its eligible staff, which is good news for its 2,000 strong workforce in India. All its full-time employees in India, who have worked for at least 26 days in the July-August period will be receiving bonuses, equivalent to 50 per cent of their base salary in August. The cash bonus runs into lakhs for some mid-senior to senior staff members.
Even though ByteDance’s apps, TikTok and Helo, were banned in India in June, ByteDance did not impose any paycuts or slash any jobs. In fact, the Company even hired some people in its sales teams during the ban, in keeping with its original plans to expand its sales teams in the country. The Indian employees of ByteDance hope to be absorbed under a global deal.
Two weeks ago, TikTok had entered into an agreement with Oracle and Walmart, wherein both the companies participated in a TikTok Global pre-IPO financing round in which they could take up to a 20 per cent cumulative stake in the company.
ByteDance, which is the parent company of video-sharing app TikTok, had revealed its intention to retain an 80 per cent stake in the newly-created US company, TikTok Global.
The board of directors of the new entity, TikTok Global, will comprise the founder of ByteDance, the present directors of the Company as well as the CEO of Walmart.
While ByteDance will not be handing over any algorithms or technologies to TikTok Global, Oracle will be conducting security checks on the source code of TikTok US.
As per estimations by ByteDance, TikTok will pay about $5 billion to the US Treasury in the years to come, in income tax and other taxes incurred in business.