China’s avalanche of export orders cut workers’ hourly wages to 26 yuan-Free Finance and Economics

China’s export orders have avalanche, and empty containers are piling up like mountains. (picture taken from Chinese social platforms)

[Financial Channel/Comprehensive Report]The two pillars of China’s economy – real estate and foreign trade have both collapsed. The recruitment of electronics supply chains in South China and East China has been greatly reduced. There is a factory that does not recruit. Foxconn’s hourly salary is 27 yuan (about NT$119) It also “only lasted for one day”, and some agents took the opportunity to bargain hard, and it was reported that the hourly salary was only 6 yuan (about NT$26.5).

In the past, after the Spring Festival in China, the recruitment boom in Jiangsu, Zhejiang and Shanghai lasted until April. It was originally expected that after the epidemic control is loosened, the market demand will be “very good”, and the demand for workers will also increase sharply, but it was not expected to become a pipe dream. According to Chinese human resources agency companies, hundreds of companies put forward recruitment needs in previous years. Some factories required 1 to 200 employees in previous years, but this year they did not recruit any.

Caixin broke the news that wages have fallen due to changes in supply and demand. In previous years, the hourly wages of ordinary workers at Foxconn were as high as 30 yuan, but this year it remained at around 23 to 24 yuan, and the highest once reached 27 yuan, but the high price only lasted for one day. The hourly wages of ordinary factory workers range from 17 to 22 yuan, and last year it was between 17 and 26 yuan.

Caixin also obtained a job recruitment information provided by a labor service company, Shenzhen Longhua Electronics, Flextronics, Guangzhou Luxun and other factories, the hourly wages of ordinary workers are 18-22 yuan, and the Jiangsu, Zhejiang and Shanghai areas fall between 21-23 yuan.

After the Lantern Festival, the recruitment work became even more bleak, and enterprises in Jiangsu, Zhejiang and Shanghai were almost fully recruited. Recently, a Chinese netizen posted an intermediary bargaining video, shouting that the hourly salary is 6 yuan, and if you work 8 hours a day, the income is less than 50 yuan.

this netizenanalyzeWith the continuous economic downturn and the loss of orders in the foreign trade industry, the current Shenzhen Yantian Port wharf is showing a depression scene. It is not difficult to understand why foreign trade enterprises have closed down or are almost closed. The current situation of low hourly wages, even if a company in Wuhan offers a monthly salary of only 2,500 yuan, no one can grab it. “It’s so similar to the 90s of the last century.”

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