(FREEWEST MEDIA) – The Chinese outlet Caitong News reported, citing Kexing employees, that the company made a profit of 82 billion yuan (around 11.6 billion euros) last year. At the same time, the company announced that the year-end bonus payment for the past year would be “postponed.”
Shortly thereafter, Kexing suddenly announced massive layoffs. According to Kexing officials, the company has given staff two options: resign themselves and collect an indefinite severance pay, or take indefinite leave. In the latter case, with 80 percent of Beijing’s minimum wage as compensation.
According to the report, Kexing (Sinovac) has already laid off up to 70 percent of its staff. After the last wave of layoffs was completed in April of this year, the year-end bonuses were then distributed to the remaining employees on April 25. There is no statement or justification for the layoffs by Kexing. However, according to Japanese media reports, China’s vaccine exports have fallen sharply.