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Workers in China brace themselves for fresh wave of pay cuts amid economic malaise
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China’s economy grew 4.6 per cent between July and September in 2024, the slowest in 1½ years.
PHOTO: AFP
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CHONGQING – Starting in October, project manager Andy Hong, who works at a state-owned technology company in Beijing, will have his salary cut by 4,000 yuan (S$740) or about 10 per cent.
This will be the 35-year-old’s second pay cut since the start of 2024. In March, he had his salary reduced by 1,500 yuan because of “economic difficulties” that the country is facing, according to his superiors. Following the two pay cuts, Mr Hong’s monthly salary will be around 35,000 yuan, before social and tax deductions.
