Chinese President Xi Jinping called employment a ‘most basic livelihood concern’, pledging to make youth employment a top policy priority.
Youthful vigour is like a +5 character perk in the Chinese workforce, but veteran industry players who know their profession inside and out are the ones companies want to send abroad.
Health standard that excludes many from public service is now default in other industries, leaving otherwise qualified applicants despondent.
A Post review of 23 annual reports from leading Chinese firms found that more than half downsized last year, while others slashed staff-related expenses.
China has around 200 million gig workers who make a living from various temporary jobs, but they lack the security of traditional employment.
Deep and widespread pay cuts have hit China’s financial sector as Beijing seeks an honest and trustworthy, righteous pursuit of profits to support the economy.
China’s employment issues appear to be having a spillover effect on society at large, with recent heated or violent incidents leading many to wonder about the role the job market has played in these outbursts.
Improved living standards have been at the core of party mandate for generations but that could backfire in hard times, experts warned.
