Etang to slash workforce by 26%

Etang Co Ltd, an Internet content provider, is to lay off 26 percent of its worker, reducing its personnel from 220 to 140, CEO Tang Haisong said.

According to China Daily report, Tang refuted rumors that the layoffs were made to appease investors, saying the move was aimed at profitability. " The board has been supportive," said Tang, "It is just a push for profitability."

Those facing the sack will come from editing, marketing and administration staffs.

Laid-off workers will get two or three months' salary as compensation, depending on the length of time they have served the company, according to etang.

Etang said its Guangzhou branch will bear the brunt of the ax, while its Shanghai and Beijing divisions will not be affected as much.

People's Daily Online --- http://english.peopledaily.com.cn/