Word: laide
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...Every day now at the Guangzhou train station, just a few miles away from Wang's office, hundreds of migrant workers wait to start the long journey back to their home provinces. They have been laid off from jobs working in toy and textile factories, and from construction sites throughout what used to be a booming province. Among them is Zhang Dingli, 36, who worked in a toy factory for a decade. But in early November, the plant closed. He is a victim of an economic transition - a move away from the low-end, low-wage, export-oriented manufacturing...
...provide the web of social services available in other countries. China's national social security system and government health-insurance schemes are drastically underfunded, and moreover don't cover the millions of migrant workers who helped power the country to high growth but are now being laid off. The lack of safety nets demands frugality, as does Chinese cultural tradition that all but dictates that working children care for their parents as they age. Even ad-agency chief Wang takes care of her parents. This requires Chinese to accumulate very large nest eggs, particularly because China's longstanding one-child...
...three-day week. Then the layoffs started. The cast-iron foundry, which pays the best wages, cut 80 of its 1,200 workers, and managers announced that they might have to fire up to 600 more. The cable factory - which just this year started up a new production line - laid off 40 people, and cut pay for those who remained by 15%. At least they're being paid: the machinery factory nearby is two months in arrears. "People woke up one day and everything had changed," says Ivan Pronin, the editor of the local paper, the Lyudinovo Worker...
...financial sector crumbles, six-figure stars are increasingly among those getting the pink slips. When Citigroup, for example, announced recently that it was booting some 50,000 employees--many of them high-paid managers--the departing bankers joined more than 20,000 workers the company had already laid off this year. Many of the newly axed at Citi and elsewhere have left behind cushy paychecks that covered their jumbo mortgages and kids' tuition bills. That ominous sound you hear? It's all those $200 pairs of shoes pounding the pavement...
...very fitting description for the Chicago native's eBay tenure so far. In the nine months since assuming the top job, the former Dartmouth basketball player, 48, has shown a penchant for shaking things up. In October he acquired three companies on the same day that he laid off 10% of eBay's 16,000 workers worldwide--a way to boost efficiency in a tougher economic climate...