Layoffs, Pay Cuts and Unpaid Wages Continue Into 2023

2022 was a year full of anxiety, pain and absurdity for many Chinese people. They went from a year of home confinement and daily nucleic acid tests to experiencing a sudden reopening, massive outbreak with lack of medical care, and the pain of losing loved ones. Not only that, but they have also lost their jobs, suffered pay cuts, and company closures.
Recently, a new wave of layoffs has swept through mainland China. Many young people are posting videos of themselves being laid off or having their salaries reduced on the Internet. They include employees of technology companies such as Tencent, Xiaomi, and Meituan, employees of real estate companies, and employees of state-owned enterprises and civil servants known for their job security. Those who are lucky enough to not be laid off yet, have to endure the constant fear that they may be laid off at anytime, and also face a pay cut. The percentage of pay cut is at least 10%, some even up to 50%.
#Chinaeconomy #Chinacollapse #zerocovid #WorldFactory#SupplyChain