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China Sacks Millions

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BEIJNG, China (January 9th) – Some 3 million workers may lose their jobs every year until 2006 as China’s over-staffed State firms streamline. State-owned firms are expected to finish restructuring by then, said Zhang Silin, minister of labour and social security. Since 1998,reforms have increased both efficiency and the number of laid-off workers. About 27.8 […]

BEIJNG, China (January 9th) – Some 3 million workers may lose their jobs every year until 2006 as China’s over-staffed State firms streamline. State-owned firms are expected to finish restructuring by then, said Zhang Silin, minister of labour and social security. Since 1998,reforms have increased both efficiency and the number of laid-off workers. About 27.8 million employees have lost their jobs due to amalgamations or bankruptcies in the past five years. Laid-off workers, who are usually paid meagre sums for basic living necessities in line with a three-year contract by re-employment agencies, are not included in unemployment numbers.(MH) source: China Daily

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