The Chinese government reportedly will lay off about 1.8 million employees in the coal and steel industries. This was done because of the efforts to trim excess industry capacity in this country.
Minister of Social Security and Human Resources, Zhin Wei Min said efforts to cut excess production capacity have led to mass layoffs that occurred this year. With Likewise, an estimated 1.3 Million Workers in the coal sector and 500 thousand workers in the steel sector would be fired.
Although Likewise, Zhin Wei Min optimistic to maintain a stable level of employment in the midst of global economic turmoil was going on. Chinese Central Government will allocate 100 billion yuan, 15.27 billion dollars over two years for a reallocation of workers laid off as a result of China's efforts to reduce the industry's capacity.
Chinese Vice Finance Minister Zhu Guong Yung said the fund would fall to the two sectors, namely coal and steel. Although the Chinese government says that when 1.8 million workers laid off, but certainly China has been targeting to trim capacity of 500 million tons of coal within the next 3-5 years. In addition, a number of projects even the New dismissed
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