China to relocate 500,000 workers for capacity cutStaff Writer | April 26, 2017
China plans to assist 500,000 workers made redundant during its capacity cuts in steel and coal sectors this year.
Asia According to spokesperson Lu Aihong:
In 2016, the central government spent over 30 billion yuan (4.4 billion U.S. dollars) 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 tonnes of steel production capacity and at least 150 million tonnes 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. ■