Ga onbeperkt met Magzter GOLD

Ga onbeperkt met Magzter GOLD

Krijg onbeperkte toegang tot meer dan 9000 tijdschriften, kranten en Premium-verhalen voor slechts

$149.99
 
$74.99/Jaar

Poging GOUD - Vrij

Why More Chinese Workers Are Settling For Less Pay

Mint Mumbai

|

January 29, 2024

For many people in China these days, getting a job a good one that pays enough is.

- Stella Yifan Xie

Why More Chinese Workers Are Settling For Less Pay

With the economy in a funk and deflation settling in, many people are having to settle for jobs beneath their skill levels, often with reduced pay. That is making it harder to make ends meet, depressing consumer spending and leaving many people frustrated in careers they fear are going nowhere.

In Beijing, Kang Deqiang spent much of the past two decades working as a marketing executive for Chinese media firms, until his last employer, a media outlet focused on railroad travel, went out of business during the pandemic.

Now he manages a dormitory building at a local college, a job that pays only about $500 a month after taxes-about 20% of what he earned at his peak. He also moonlights at a coffee shop in the evenings for about $3.80 per hour.

He says he took the dormitory job in September because he has a $770-a-month mortgage, and had been searching for full-time work for months without success. At least his commute is shorter, he said.

"There isn't anybody who doesn't like a high-paying job. But the economy is going downhill. I have to settle for the next best thing," said Kang, who is 41.

Many employers that used to hire aggressively are in retreat. The property market is in a multiyear downturn, exports are weak, and local governments are saddled with debt. Government crackdowns on the private sector have led many companies to rein in risktaking, while foreign firms, spooked by geopolitical tensions, are cutting investment in China.

Officially, the unemployment rate in Chinese cities was 5.1% in December. While that is higher than the U.S. unemployment rate of 3.7%, it is still relatively low, and better than the full-year average rate of 5.6% in 2022.

However, economists have long raised questions about China's official unemployment report, which only covers urban dwellers, and counts anyone who works an hour or more in a week as fully employed.

MEER VERHALEN VAN Mint Mumbai

Mint Mumbai

SBI MF to take 10% in Adani bond issue

SBI Mutual Fund is acting as one of the anchor investors for Adani Power's bond issue.

time to read

1 min

January 22, 2026

Mint Mumbai

Pakistan to join Board of Peace

Pakistan on Wednesday said it has accepted US president Donald Trump's invitation to join the Board of Peace for Gaza to support the effort for bringing peace to the troubled region.

time to read

1 min

January 22, 2026

Mint Mumbai

Fukushima nuclear reactor restarted

The world’s largest nuclear power plant restarted on Wednesday in north-central Japan for the first time since the 2011 Fukushima nuclear meltdown, as resource-poor Japan accelerates atomic power use to meet soaring electricity needs.

time to read

1 min

January 22, 2026

Mint Mumbai

Mint Mumbai

Tiger verdict cloud over M&A tax cover

Insurers may not readily offer tax liability insurance for merger and acquisition (M&A) deals and will subject them to stricter scrutiny given the risks of retrospective taxes, consulting and law firms cautioned, days after the Supreme Court ruled that Tiger Global must pay capital gains tax on its Flipkart share sale years ago.

time to read

2 mins

January 22, 2026

Mint Mumbai

Mint Mumbai

E-challan, toll dues could bar access to national highways

Changes being made to meet UN goal of halving global road deaths, injuries by 2030

time to read

2 mins

January 22, 2026

Mint Mumbai

Mint Mumbai

Retiring at 27: Can ₹2.5 crore sustain a lifetime of expenses?

My niece will be 27 in September 2029 and may stop working due to her health issues.

time to read

1 mins

January 22, 2026

Mint Mumbai

Mint Mumbai

India's trade agreements should have a sunset clause: Here's why

Our deals must enable periodic reviews on the basis of data to keep up with evolving trade dynamics and competitive edges

time to read

3 mins

January 22, 2026

Mint Mumbai

Mint Mumbai

Licence-free use of 6GHz spectrum gets govt approval

The move comes as a big win for technology firms even as telcos are not in favour of it

time to read

1 mins

January 22, 2026

Mint Mumbai

Mint Mumbai

Larry Fink ponders shifting of WEF meets from Davos

Larry Fink, the interim co-chief of the World Economic Forum, is openly musing about a venue change for the flagship event that would take the annual January meeting outside of Switzerland.

time to read

2 mins

January 22, 2026

Mint Mumbai

'India to stay fastest- growing big economy'

India'seconomic growth outlook remains upbeat, with recent estimates suggesting the country will continue to be the world’s fastest-growing major economy, according to an article in the Reserve Bank of India’s January bulletin.

time to read

1 min

January 22, 2026

Translate

Share

-
+

Change font size