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China Economy Slows, Leading Companies to Cut Staff

Hellraiser007

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China Economy Slows, Leading Companies to Cut Staff » The Epoch Times

A slowing economy triggers a cascade of layoffs

china-unemployment-676x450.jpg


Jobseekers attend a job fair at the Hangzhou Peace International Exhibition and Conference Center in Hangzhou City, Zhejiang Province. As the Chinese economy slows, many foreign and domestic firms in China have begun laying off their employees, leaving many jobless.


Many foreign and domestic firms in China are laying off their employees in an effort to cut costs amid a slowing economy, causing a wave of unemployment, according to recent Chinese media reports.

From the end of last year to the first half of this year, Avon, Motorola, IBM, HSBC Life Insurance Company, Hewlett Packard, and Siemens all cut staff, while domestic Chinese companies like Zoomlion Heavy Industry and Sany Group, both heavyweights in the construction machinery space, are using covert methods to force their employees to leave their jobs, according to a report by First Financial Daily published on Friday.

Avon, an American cosmetics company, will close a dozen of their branch offices in China, laying off 100 to 200 employees, while China Rongsheng Heavy Industries, a major shipbuilding firm, plans to reduce their staff from 11,500 to 8000.

An insider told Beijing Business Today that Zoomlion has been forcing employees to leave their jobs by assigning them to undesirable posts. If employees do not agree to accept the position, then the company negotiates a cancellation of their labor contract, with the employee missing out on severance compensation.

Meanwhile, Sany has asked its employees to fill out a “stop pay and keep position application,” making it appear as if they still have their jobs, though they are no longer receiving pay. “They do this to avoid the risk of breaking the law and to evade the economic responsibilities they are supposed to assume,” the insider said.
Chinese Internet portal NetEase also reported that Sinovel Wind Group, China’s largest (and second largest globally) manufacturer of wind turbines, forced 350 employees to take vacations last November, paying them a monthly allowance of 1,080 yuan ($176 dollars).

A senior in the Chinese machinery building industry told Beijing Business Today that due to the tightening of capital in these companies, and banks’ refusal to lend, many firms are now laying off staff to reduce costs.

Wang, who works in the financial services industry in Beijing and wished only to identify himself by his surname, told Epoch Times that staff reduction is now a common phenomenon: “The area where I work in Soho New Town is considered part of the central commercial district, and there are a lot of companies here. I frequently hear discussions about which company is laying off employees again. Originally, I was planning to change my job at the beginning of this year, but seeing this situation, I’m going to stick it out here for now.”

Xiao Li, who recently graduated from university, said job prospects are dismal: “We don’t have much experience in society, so looking for a job is already difficult. Now there are many companies that are not hiring or are laying off their staff. Some companies give a week or half a month probation period, but there is no pay. Really, they just want to use you for free, and when the time comes, they find an excuse to fire you.”

Wu Jiang, director of the Chinese Academy of Personnel Science, told the Daily he was not optimistic about employment prospects for the next few years. Few jobs will open up, which may force the unemployed to enter the low-wage labor market.
 
Job cut is not a new thing ,due to rescission we are suffering this in Southasia and middle east from few years, but Job cut in china is new info for me....
 
Hellraiser007 is a bum with no life. His entire existence is on PDF. No job. Never been laid. Never been to a party. Never been to a bar. Only a guy that has no social life will waste his time starting threads to gain some sort of self satisfaction. I wouldn't count out him being one of those Indian rapists.
So, why are you following him leaving aside all your JOBS???:azn:
What's about you?????
 
Hellraiser007 is a bum with no life. His entire existence is on PDF. No job. Never been laid. Never been to a party. Never been to a bar. Only a guy that has no social life will waste his time starting threads to gain some sort of self satisfaction. I wouldn't count out him being one of those Indian rapists.

You are suffering from Verbal Diarrhea since last two days, take medicine and stop trolling here.....:D, you post got reported for personal insults.
 
India do not depend on China and the crisis is related to China, Asian Markets like Japan, Singapore and others are doing well. Even USA is expected to have 1.6 % gdp growth.

India is in recession. That's why the Indian Rupee has collapsed. Investors are pulling money out of India and so the Rupee has collapsed. Currencies don't collapse for no reason.
 
India do not depend on China and the crisis is related to China, Asian Markets like Japan, Singapore and others are doing well. Even USA is expected to have 1.6 % gdp growth.

i m not talking about china.. who "CARES"....... but i saying about world.. especially about india... eco will pick up soon...
 
India is in recession. That's why the Indian Rupee has collapsed. Investors are pulling money out of India and so the Rupee has collapsed. Currencies don't collapse for no reason.

When FDI comes into a country, devaluing the currency makes the human resources cheap and in long term benefits India. Chinese also intentionally devalues their currency.
 
India is in recession. That's why the Indian Rupee has collapsed. Investors are pulling money out of India and so the Rupee has collapsed. Currencies don't collapse for no reason.

:lol: its happing in world... not only in india.... dont start BS
 

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