It may be Labor Day in America, but a Chinese CEO is getting into the true spirit of the holiday by celebrating his workers in a big way.
For the second consecutive year, Lenovo CEO Yang Yuanqing plans to give away at least $3 million of his bonus to roughly 10,000 of his company's workers, Bloomberg News reports. Employees across 20 countries will take part in Yuanqing's wealth with 85 percent of payout recipients working in China.
The average payout per worker of $325 is nearly equivalent to a month’s pay for an employee in China.
A company spokesperson told Bloomberg that a majority of the workers who will receive part of the bonus will be hourly employees who are not eligible for other bonus programs.
Yuanqing's generosity may be partly inspired by his company's record sales this year. In the second quarter, Lenovo passed Hewlett-Packard as the world’s number one supplier of personal computers.
As CEO pay has exploded over the last couple of decades, the gap between how much executives make compared with their workers continues to skyrocket. For S&P 500 companies, the average ratio of CEO-to-worker pay was 204 in 2012, Bloomberg reports. That figure is up 20 percent from 2009 and 1,000 percent from 1950.
Luckily, Yuanqing is not alone in sharing his company's success with every employee. Lord Wolfson, CEO of the U.K. retailer Next, gave away his entire annual bonus of $3.6 million to his employees in April. Similarly last year, tech CEO Markus 'Notch' Persson decided to give away an extra $3 million to his employees.
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