Shenzhen travel agencies, a major supplier of international flights and air travel, announced on Monday that it would be cutting its workforce by nearly 40 percent.
Shenzhen Air, the country’s third-largest airline, said it would eliminate 70 percent of its workforce and close down six of its eight hubs in Shenzhen, Beijing, Tianjin, Shanghai, and Guangzhou.
In total, the company said it will close its nine hubs in Shanghai, Guangzhou, Tianwang, Tianhe, and Wuhan.
Shenyang Air is China’s largest air carrier, and its parent company, Air China, also owns the Shenyang airport.
The company said that its employees would receive a one-time pay cut of 40 percent and will not receive severance pay for a year.
Shenzhou Travel Agency, the national travel agency in the capital of Guangzhou province, said its workforce would be reduced by roughly 40 percent to 50 percent and the company will shut down five of its nine air hubs in the city.
The agency’s chairman said the move was necessary because of China’s economic and political instability.
“I’m glad to announce that we have decided to close down all of our air routes in Guangzhou and Tianwang,” Li Huimin said.
The employees will receive a pay cut, which will be equal to 40 percent of their current salary. “
We are working hard to provide better services for our customers.
The employees will receive a pay cut, which will be equal to 40 percent of their current salary.
The travel agency will also not receive any severance payments.
In addition, we will start to shut down the three hubs of the Tianwang and Wuzhou airport in Beijing.
We will be closing three other hubs in Beijing and Guangdong as well.”
The travel agencies that remain will also be subject to increased scrutiny and will be required to keep detailed financial records for at least one year.
The cuts come as China’s economy has suffered from a severe slowdown in the wake of the global financial crisis.
The government has made economic reforms to the economy in recent years, and many of its citizens are becoming more politically active, especially in the last two years.
The economic slowdown in recent months has been particularly devastating for tourism and travel.
Beijing has said it has cut hotel and airline rates in order to make up for the downturn in the economy.
In response, many Chinese travel agencies have been cutting their travel staff.
The airline industry is also facing severe restrictions, as China has cut the number of flights from more than 3 million to about 1 million, which is the lowest level since 2011.