China to help 500,000 redundant workers
Print Edition
CHINA plans to help 500,000 workers made redundant during its capacity cuts in steel and coal sectors this year.
Subsidies will go to employers that re-employ laid-off staff in other posts inside the company, and the government will offer free retraining, Lu Aihong, spokesman for the Ministry of Human Resources and Social Security, said yesterday.
In 2016, the central government spent over 30 billion yuan (US$4.4 billion) in providing aid to 726,000 employees affected by the downsizing of the two heavy industries.
The work has to continue as another 50 million tons of steel output capacity and at least 150 million tons of coal capacity will be cut this year. According to preliminary forecasts, the coal and steel sectors will see combined laid-offs of around 1.8 million.
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