Bitmain’s Controversial Salary System Outrages Employees

Key Points:

  • Bitmain is establishing controversial age-based performance requirements for employee pay.
  • The fewer incentives, the older they get, which has encouraged some workers to quit and sue.
  • The company has started implementing this strategy from its headquarters in Beijing, and if employees do not agree to sign, they will be compensated and asked to leave.
Bitmain, the leading Bitcoin mining equipment company, is establishing age-based performance requirements, according to local outlet jiwwei. The lesser the incentive, the older you are, which has encouraged some workers to resign and sue.
Bitmain's Controversial Salary System Outrages Employees

According to a Bitmain employee, the current compensation modification plan divides the initial fixed salary into two parts: base salary and performance salary. Although performance compensation is connected to rank, the pay rates are 30%, 50%, and 70%. The ultimate score in performance evaluation is also connected to age. The accomplishment will be true if the age surpasses the baseline.

The rank and age comparison table is one of the performance scoring elements in Bitmain’s performance assessment criteria. Various ranks have established a reference age, and for each rank, the performance score is decreased by one point for each year older.

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Bitmain has begun to execute this strategy from its Beijing headquarters, and if the staff does not agree to sign, they will be compensated and asked to leave. They believe that this is a veiled attempt to get staff to accept a wage decrease or quit.

There is no prospect of advancement, the wage cannot be paid in full, and they may be forced to provide Pandemic Unemployment Help to young people who are less competent than themselves. Several “older employees” at Bitmain have previously protested in workplace networks like Maimai. A tiny proportion of workers are willing to go to great lengths to safeguard their rights. In terms of management, Bitmain employs a large number of recent graduates.

According to the prospectus of mining equipment provider Bitmain, its revenue will continue to expand in the first half of 2022, in accordance with the industry.

As Coincu reported, the Beijing tax department penalized Bitmain $3.55 million and 24.9687 million yuan for unpaid personal income taxes and other offenses, respectively. The sanctions serve as a message to cryptocurrency firms that they must follow tax laws and regulations.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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