Rail Operator Launches Streamlining, Promises No Layoffs
China’s national rail operator won’t lay off any employees or cut their benefits, sources said, responding to concerns as it prepares to launch a major overhaul to improve its efficiency.
An employer of more than 2.1 million people and several hundred thousand contract workers, China Railway Corp. (CRC) is aiming to shift all of its staff to a new entity after the change, which will see it consolidate its 18 regional railway bureaus by November and operate its business under the new entity starting next year, sources told Caixin.
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