The Mother of all layoffs is on the cards

Last Modified: Sun Apr 17 2016 07:47:28 GMT+0530 (India Standard Time)
  • 07-Apr-16
    Notification issued by China's Human Resources and Social Security Ministry that millions of coal and steel workers are expected to be laid off.
  • 5 - 6 million
    state workers are expected to be laid off in the next two to three years as part of efforts to curb industrial overcapacity and pollution. This is China's boldest retrenchment programme for 20 years.
  • $23 billion
    The Chinese leadership plans to spend (nearly 150 billion yuan) to cover for the cost of the layoffs especially in re-training, relocation and retirement.