Sinopec to Ax EmployeesLately, Sinopec unveiled a plan to cut workforce.Under the plan, altogether 27000 employees, including retirees, those leaving voluntarily and those being sacked, will leave the company by the end of this year, accounting for 5.3% of the staff on current the payroll. The company is set to cut around 100,000 employees by 2005. It is learnt the company will earmark 1.02 billion yuan, or US$123 million, for the staff reduction plan. However, the plan will reportedly save 350 million yuan in labour cost for the company every year. Source: Panorama |
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