China’s Biggest Private Tutor Laid Off 60,000 Staff in 2021 Amid Education Crackdown

What’s new: New Oriental Education & Technology Group Inc., China’s largest private tutoring company, laid off 60,000 staff last year, according to its founder, as wide-ranging education reforms turned the industry on its head.

New Oriental also had to pay out nearly 20 billion yuan ($3.13 billion) in severance packages, fees for early lease termination, and returned tuition payments, according to founder Yu Minhong.