Wednesday, March 1, 2017

China to cut 5 lakh jobs in coal and steel sector

China said it will cut 5 lakhs jobs in coal and steel sector and other heavy industries to reduce excess production capacity.

Yin Weimin, minister of human resources and social security, announced plans to relocate five lakh workers who faced job losses this year.

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China's urban unemployment rate stood at moderate 4.02 per cent last year which is well within the target range despite the economic slowdown, Yin said.

China makes more than half the world's steel, but due to drop in global demand has left the industry with massive overcapacity.

About 13.14 million new jobs have been provided to urban residents last year, Yin said.

Yin said the central government spent over 30 billion yuan ($4.36 billion) last year relocating about 7.26 lakh employees affected by the country's overcapacity cutting drive.



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