Tag: Wages and Salaries

Income Inequality Has Been Transformed Globally

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Culturally, the age of inequality is still churning: Over just the last six months, we’ve had the song “Rich Men North of Richmond” and Shawn Fain’s leading the United Auto Workers into a triumphant labor war with Detroit’s Big Three while wearing an “Eat the Rich” T-shirt. But at the structural level, our picture of American inequality also seems to be changing. According to some measures, U.S. income inequality hasn’t meaningfully grown over the last decade, the very period in which it has become such a potent cultural and political…

China’s Electric Car Factories Are Facing a Worker Shortage

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Xing Wei graduated from a vocational high school in northeastern China in 2003 and went to work as an electrician in an auto parts factory in the country’s south. The only set of wheels he could afford was a black, three-speed bicycle. He earned $1,150 a year and shared a sweltering dormitory room with three other workers. “There was air-conditioning, but because we had to pay the electricity ourselves, we basically didn’t turn it on,” Mr. Xing said. Two decades later, Mr. Xing, 42, makes close to $60,000 a year.…

China’s Property Crisis Is Rippling Through the Economy

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Once a beneficiary of China’s property boom, Lan Mingqiang is now an unwitting casualty of its unraveling. The financial troubles at one real estate company, Country Garden, have left him unable to pay the school fees for his son, who is starting seventh grade. Country Garden owes $21,000 to his company, which makes fences and billboards on construction sites. Now, with Country Garden days away from a default, this money is more out of reach than ever. “Nowadays, real estate is hard,” Mr. Lan said. He recently gave up on…

Today’s Top News: The End of the ‘Great Resignation,’ and More

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The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — available to Times news subscribers on iOS — and sign up for our weekly newsletter. The Headlines brings you the biggest stories of the day from the Times journalists who are covering them, all in about 10 minutes. Hosted by Annie Correal, the new morning show features three top stories from reporters across the newsroom and around the world, so you always have a…

Women’s Tennis Tour Approves Deal for Pay Equity by 2033

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The women’s professional tennis tour took another step on Tuesday toward closing the gender pay gap, as players and tournament officials committed to bringing their prize money in line with the men for the most significant tournaments, though the shift won’t be complete for 10 years. The move came after months of negotiations within the WTA Tour, which includes tournament organizers, as well as years of complaints from players and foot-dragging by tournament officials who for decades have paid female professionals a fraction of what they pay the men even…

How Health Insurance Works in China, and How It’s Changing

Chin@Strategy

Almost everyone in China has had at least some health insurance since new policies were introduced a decade ago. Now China has begun pursuing a second wave of changes. The new policies, which have triggered protests in several big cities like Wuhan, are aimed at covering deficits in local employee health insurance plans and reducing inequality between cities and rural areas. Who has health coverage in China? China has two main kinds of health insurance: employee hospitalization insurance and so-called residents insurance. The employee hospitalization insurance is the better of…

Covid Workers in China Clash With Police Over Unpaid Wages, Layoffs

Chin@Strategy

After China’s abrupt reversal of “zero Covid” restrictions, the nation’s vast machinery of virus surveillance and testing collapsed, even as infections and deaths surged. Now, the authorities face another problem: Angry pandemic-control workers demanding wages and jobs. In the southwestern Chinese city of Chongqing, hundreds of workers locked in a pay dispute with a Covid test kit manufacturer hurled objects at police officers in riot gear, who held up shields as they retreated. Standing on stocks of inventory, protesters kicked and tossed boxes of rapid antigen tests on to the…

As Asian Societies Age, ‘Retirement’ Just Means More Work

Chin@Strategy

To cope with what demographers call “super aging societies,” policymakers in East Asia initially focused on trying to spur births and tinkering with immigration laws to shore up work forces. Such measures have done little to alter the aging trend line, as fertility rates have plunged and many countries have resisted large-scale immigration plans. That has left employers desperate for workers. In Japan, for example, surveys show that as many as half of companies report shortages of full-time workers. Older workers have stepped in to fill the gaps. “We have…

Why China’s Economy Faces a Perilous Road to Recovery

Chin@Strategy

Many European manufacturers in China have been forced to operate with about half their usual staff for two to three weeks, affecting output somewhat, said Klaus Zenkel, the chairman of the chamber’s South China chapter. As a precaution against lockdowns, many companies had accumulated spare parts in warehouses before the Covid wave and have relied on those to keep running. But to save on costs, a few small suppliers of specific components have stopped operations early for the Lunar New Year holiday, which starts on Jan. 21. “Everyone managed a…