BEIJING - China aims to lay off 5-6 million workers from "zombie enterprises" over the next two to three years as part of efforts to curb industrial overcapacity and pollution, two sources with ties to the country's leadership said.
The government's plans to lay off five million workers in industries suffering from a supply glut would be the country's boldest retrenchment programme in almost two decades, one source said.
The restructuring of state-owned enterprises from 1998 to 2003 led to around 28 million redundancies and cost the central government about 73.1 billion yuan (£10.2 billion) in resettlement funds.
A second source with leadership ties put the number of layoffs at six million. Both sources requested anonymity because they were not authorized to speak to media about the politically sensitive subject for fear of sparking social unrest.
The ministry of industry did not immediately respond when asked for comment on the reports. On Monday, Yin Weimin, the minister for human resources and social security, said China expects to lay off 1.8 million workers in the coal and steel industries. But he did not give a timeframe. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔