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Huawei Puts Aside $286 million for Employees That Will Help the Company Ride Out U.S. Curbs

Huawei Puts Aside $286 million for Employees That Will Help the Company Ride Out U.S. Curbs

Enterprise & IT Nov 12,2019 0

Huawei Technologies said on Tuesday it will give 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting.

The cash rewards will likely go to research and development teams and those working to shift the company’s supply chains away from the United States.

The world’s largest telecoms equipment provider has been trying to find alternatives to U.S. 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 compay will also double pay this month for almost all its 190,000 workers, a company spokesman said.

Despite the U.S. sanctions, Huawei remains the world’s second largest maker of smartphones and a surge in shipments of devices helped it to report a 27% rise in third-quarter revenue last month.

Tags: Huawei
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