Hong Kong: The largest private education provider in China, the new Oriental education laid 60,000 employees last year after Beijing’s harsh action.
Yu Minhong, the founder of billionaire from the top education company confirmed a massive shock in a post on his WeChat account over the weekend after the fall of the Beijing industry improvement, reported CNN.
Safe! You have managed to throw your voteogin to see the results that the company experienced “too many changes in 2021.” He blamed layoffs on “policy, pandemic and international relations.”
New Oriental, famous for Les Guidance services afterwards, has more than 88,000 full-time employees and around 17,000 contract teachers and staff in May, according to their latest annual reports.
It is not clear whether contract workers are among 60,000 Let Go, but the figure accounts for around two-thirds of New Oriental full-time staff last year.
At another post Monday night, Yu clarified that the company still had around 50,000 teachers and staff after layoffs.
POS Yu described in truly the consequences for private companies in China because Beijing took a big step to curb what he saw as a naughty business practice, CNN reported.
The largest private private education company in New York – China with market capitalization – is one of the highest victims of the broad limitations imposed on the private guidance sector worth $ 120 billion, when it was rolled out of the rules announced in July which is prohibited by non-profit, guidance services Learn school and limit such companies from generating profits or maintaining capital.
The regulator said that at that time excessive guidance had defeated children and placed too much financial burden on parents, all while worsening social inequality.
Because the restriction was announced, the authorities had ordered the education business to suspend the class of les online and offline, CNN reported.
Personal guidance experts surprised parents and left many businesses that struggled.
It also triggered a sharp sales of Chinese education companies in New York and Hong Kong: At the end of July, Goldman Sachs estimates that regulations remove $ 77 billion from the market value of overseas tutoring companies within a week.
It is unclear how much total work is removed due to hard action.
However, the former Education Officer Wang Wenzhan said last July, that there were almost one million institutions in the country focused on tutoring after school, employing around 10 million people.
In December, the Ministry of Education announced that the authorities had closed 84 percent of Les After-School institutions online and offline in the country, reported CNN.
But policy makers are clearly worried about increasing unemployment, because the widespread loss of work can cause anxiety and induce instability.
Meanwhile, the educational tal (TAL), the giant guidance for other Chinese guidance, was announced in November, it would transfer its focus from teaching the school curriculum from kindergarten to ninth grade, and instead taught other subjects, such as music and sports.
He also wants to expand operations abroad, report CNN.