China will reduce the workforce in coal and steel industries by about 15 percent, by laying off 1.8 million workers, according to media reports. The move comes as part of measures to reduce industrial overcapacity.
Yin Weimin, Minister for Human Resources and Social Security, said that 1.3 million workers in the coal industry could lose jobs, while 500,000 jobs in the steel industry might also be affected.
Reuters reported that the Chinese government will allocate RMB 100 billion ($15.3 billion) over two year for the relocation of the workers affected by these measures.