Quantcast
erienewsnow.com 10 Jan, 2022 09:45 am

Top Chinese education company laid off 60,000 people after Beijing's crackdown last year - Erie News Now

Top Chinese education company laid off 60,000 people after Beijing's crackdown last year - Erie News Now
By Laura He, CNN Business

Yu Minhong — the billionaire founder of New Oriental Education — confirmed the massive shakeup in a post on his WeChat account over the weekend, adding the company encountered "too many changes in 2021.New Oriental, famous for its after-school tutoring services, had more than 88,000 full-time employees and about 17,000 contract teachers and staff as of May, according to its latest annual report.It was not clear whether contract workers were among the 60,000 let go, but the figure accounts for roughly two-thirds of New Oriental's full-time staff last year.New Oriental lost some $28 billion in market value in 2021.

Yu acknowledged in his post that New Oriental emerged from the last six months "with great difficulty." The entrepreneur, who founded New Oriental in 1993, said the company has fully closed its tutoring operations for core school subjects.

Read full story at erienewsnow.com