More CPC job cuts possible

Chinese Petroleum Corp (中船) Chairman Kuo Chin-tsai (郭進財) said Friday that there is still room for the state-owned company to cut 30 percent of its current workforce of 16,000. Kuo said that although the company has in recent years provided incentives for employees to leave, the streamlining process is going to slow as the rate of employees choosing to leave the company is not fast enough, adding that there is room for a cutting of 5,000 additional workers in the future. But there is no clear timetable for reaching the target, he said. For those leaving the company and having the intention of starting their own businesses, the Chinese Petroleum will also consider investing in their new businesses such as gas station business operations.