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Due to a catastrophic slump in the Chinese economy followed by frequent layoffs by tech giants in the communist nation has raised concerns among the Chinese graduates, directing them towards government jobs for a stable and regular income.
Tencent started layoffs within small business departments in September 2021 whereas Alibaba's community group-buying business unit MMC reportedly planned to lay off about 20 per cent of its employees. According to media reports, the slowing economy of China and reduced allowances left the young graduates looking for jobs disturbed, adding that they are also wary of preferential treatment given to Party members during the selection process. The year-end bonus paid to the employees has also been suspended temporarily, the report further stated, adding the allowances of Government employees in Jiangsu, Zhejiang, Fujian and other provinces have been reduced by 20 per cent by the Government claiming that the allowances paid were irregular and not standardized. The reported layoffs come amid an ongoing crackdown on tech in Beijing. While iQiyi is reportedly letting go of around 20 per cent to 40 per cent of its current workforce, Kuaishou is looking to lay off 30 per cent of its staff. China has recorded the lowest economic growth in four decades as it grew by 2.3 per cent according to the latest data provided by the National Bureau of Statistics. Rising unemployment is another major problem China is facing as unemployment among fresh university graduates increased to 0.88 in the fourth quarter of 2021 from 0.79 in the second quarter of 2020, as per reports. (ANI)
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