Energy Companies Initiate Blanket Sweep Salary Reductions

Energy Companies Initiate Blanket Sweep Salary Reductions

Chinese energy companies have been carrying out a blanket slashing of wages in the industry. PetroChina and China Shenhua have all made wage cuts between 10% and 40%, with the biggest reductions being made to the basic annual salaries of the Shenhua leadership. The measures are in direct response to falling annual profits, which have reduced as much as 82% for PetroChina. Along with the salary cuts, total nationalized business profits have also reduces by 5.7%. Some netizens sympathize with the companies, who believe they have no other choice.

Source: Netease

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  • Jahar

    Awesome. It’s not even that the companies are losing money, Just that profits are dropping. They should form a union, or better yet, a political party with the aim of helping the workers.

  • Foreign Devil

    Is this the sign of an economic downturn in China? GLobal oil prices are down but they only sell their oil domestically.