China plans to raise age of retirement

Layoffs expected; graduates increase

An estimated 1.8 million employees in the iron and coal industry will be laid off in the process of reducing excess industrial capacity in China, according to Yin Weimin, minister of human resources and social security.

"In addition, as they face a slowing economy, many companies with operational difficulties will not generate as many jobs as before," Yin said on Monday.

However, Yin remained positive about the overall stability of the labor market, saying measures would be taken by the government to help the unemployed.

Numbers of university gradutes

"We will guide enterprises to address downsizing and staff placement through various channels and means. We will create new job opportunities and provide timely employment services and vocational training to promote re-employment of unemployed persons," he said. "We will strengthen coordination among departments, improve the policy environment, strengthen entrepreneurial training, establish service platforms and improve services so that employment will be promoted by entrepreneurship."

The expected layoffs add pressure to an employment market where the number of young job-seekers, including graduates from college and secondary vocational schools, has been increasing annually. Counting graduates from high school and secondary vocational schools, a total of 15 million young job-seekers will be in the market, Yin said.

The employment outlook this year will be grim, with a record 7.65 million university students graduating and entering the country's job market amid a slowing economy.