The engineering team is a bit understaffed (given the scale on which they operate and how challenging the tasks sometimes can be)
The engineering management sometimes is overwhelmed and sometimes a bit incompetent (mainly achieving good results due to the exceptional efforts of the engineering team itself)
The HR and Engineering management are collaborating strategically to underpay each and everyone in the engineering team (with very few exceptions) and trying to populate of the engineering vacancies with fresh or junior engineers (whom can be happy to join with lower salaries) to avoid setting the salaries bar high if they hired seniors instead
They try to justify the lower salaries bar with the fact that they have a long list of perks which is a twist because more than half of it ends up not really usable (like having a 22 free Uber rides to/from the office while you are working from home, or working from El Gouna while the reservation is always/almost not available at the proper times in the year, or not having enough funds for your personal loan in the years budget, etc...)