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PR Newswire
01-03-2016, 09:49 AM
The real work started in China, to tackle the over-capacity of steel and coal industries...
China plans to lay off 1.8m workers
BEIJING - China said on Monday it expected to lay off 1.8 million workers (15 per cent of the workforce) in the coal and steel industries, as part of the country’s efforts to reduce industrial overcapacity.
It is the first time China has given figures that underline the magnitude of its task in dealing with slowing growth and bloated state enterprises, Business Insider reported.
China’s Minister for Human resources and Social Security Yin Weimin told a news conference that 1.3 million workers in the coal sector could lose jobs, plus 500,000 from the steel sector.
According to the data published by the National Bureau of Statistics, China's coal and steel sectors employ about 12 million workers. "This involves the resettlement of a total of 1.8 million workers. This task will be very difficult, but we are still very confident," Yin said
For China's stability-obsessed government, keeping a lid on unemployment and any possible unrest that may follow has been a top priority.
The central government will allocate 100 billion yuan ($15.27 billion) over two years to relocate workers laid off as a result of China's efforts to curb overcapacity, officials said last week.
...
http://www.dailytimes.com.pk/business/29...8m-workers
China plans to lay off 1.8m workers
BEIJING - China said on Monday it expected to lay off 1.8 million workers (15 per cent of the workforce) in the coal and steel industries, as part of the country’s efforts to reduce industrial overcapacity.
It is the first time China has given figures that underline the magnitude of its task in dealing with slowing growth and bloated state enterprises, Business Insider reported.
China’s Minister for Human resources and Social Security Yin Weimin told a news conference that 1.3 million workers in the coal sector could lose jobs, plus 500,000 from the steel sector.
According to the data published by the National Bureau of Statistics, China's coal and steel sectors employ about 12 million workers. "This involves the resettlement of a total of 1.8 million workers. This task will be very difficult, but we are still very confident," Yin said
For China's stability-obsessed government, keeping a lid on unemployment and any possible unrest that may follow has been a top priority.
The central government will allocate 100 billion yuan ($15.27 billion) over two years to relocate workers laid off as a result of China's efforts to curb overcapacity, officials said last week.
...
http://www.dailytimes.com.pk/business/29...8m-workers
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