Shanxi handles redundancies to cut overcapacity

Shanxi assisted more than 31,000 workers faced with redundancy in the coal and steel industries find new jobs and livelihoods in 2016, according to the provincial department of resource and social security.

Due to overcapacity in the two industries, the province has been cutting coal and steel output and helping companies to handle redundancies. These people have found new means of living with government assistance, such as job training and support for starting businesses.

In addition, the local government added funds for employment and unemployment insurance to relieve their burdens of subsistence.

Twenty collieries were closed, and resultant capacities were cut down by 23.25 million tons in 2016. Shanxi will continue to cut the overcapacity of 134 million tons of coal, 820,000 tons of crude iron and 6.55 million tons of crude steel from 2016 to 2020.

Source: China Daily