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China Looks to Cut Nearly 2 Million Steel, Coal Jobs
02/29/2016 - Chinese officials said the country expects to eliminate 500,000 steelmaking jobs and 1.3 million coal mining jobs as it attempts to reduce capacity, according to reports.
"This involves the resettlement of a total of 1.8 million workers. This task will be very difficult, but we are still very confident," said Yin Weimin, China’s minister for human resources and social security, during a news conference on 29 February, according to the Reuters news service.
Reuters said China's coal and steel sectors employ about 12 million workers, and the cuts would amount to 15 percent of that workforce.
Wang Guoqing, director of research at Lan Ge Steel Information Research Centre in Beijing, told The (London) Financial Times that she estimates one in 10 steel workers could be laid off. She, however, said that accurate statistics are hard to come by because the government stopped reporting steel employment figures at the end of 2013, The Times reported.
The Chinese government has earmarked 100 billion yuan (US$15.3 billion) over the next two years for unemployment relief, according to CNNMoney.
Reuters said China's coal and steel sectors employ about 12 million workers, and the cuts would amount to 15 percent of that workforce.
Wang Guoqing, director of research at Lan Ge Steel Information Research Centre in Beijing, told The (London) Financial Times that she estimates one in 10 steel workers could be laid off. She, however, said that accurate statistics are hard to come by because the government stopped reporting steel employment figures at the end of 2013, The Times reported.
The Chinese government has earmarked 100 billion yuan (US$15.3 billion) over the next two years for unemployment relief, according to CNNMoney.
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