The American businesses that are in China are most worried about the disruption of the travel industry that has taken place across the globe for many are now slashing bonus and compensation figures as one of the outcome of COVID-19 pandemic, reveals a business group’s report.
Nearly 90% of the organisations questioned had faced the blow from the disruptions while shooting up from last month’s figure of 77%, as revealed by the monthly survey report of the “American Chamber of Commerce in China” which is looking into the “impact of COVID-19”. Moreover, the Chairman of the Chamber, Greg Gilligan stated in a press release that thousands of senior executive officials stand “stranded outside China”.
In his words:
“We will continue to work closely with the relevant government authorities in a bid to bring them back as soon as possible”.
Around 60% of the companies were reducing cost while nearly 50% of them were considering to slash employees’ compensation and almost 30% will be either cancelling or postponing this year’s salary increments.
According to Reuters:
“Both U.S. and European business groups are lobbying China to allow foreign workers back into the country after it shut its borders in late March to non-Chinese nationals to curb the coronavirus”.
As per China, the cases that came from outside the country were one of the main threats working against its plan to contain the epidemic. Only for Germany and South Korea some of the rules were relaxed so as to carry on “some business travel”. Furthermore, Japan was also contacted by Beijing in an attempt to discuss about “easing border controls”.
Moreover, almost sixty percent of the companies, informed the survey, had started to function normally post the nationwide lockdown. However, “only a quarter of companies working in the resources or industrial sectors” had taken up their normal operations. As for the manufacturing sector, only fifty percent is operating normally.
References:
reuters.com
Nearly 90% of the organisations questioned had faced the blow from the disruptions while shooting up from last month’s figure of 77%, as revealed by the monthly survey report of the “American Chamber of Commerce in China” which is looking into the “impact of COVID-19”. Moreover, the Chairman of the Chamber, Greg Gilligan stated in a press release that thousands of senior executive officials stand “stranded outside China”.
In his words:
“We will continue to work closely with the relevant government authorities in a bid to bring them back as soon as possible”.
Around 60% of the companies were reducing cost while nearly 50% of them were considering to slash employees’ compensation and almost 30% will be either cancelling or postponing this year’s salary increments.
According to Reuters:
“Both U.S. and European business groups are lobbying China to allow foreign workers back into the country after it shut its borders in late March to non-Chinese nationals to curb the coronavirus”.
As per China, the cases that came from outside the country were one of the main threats working against its plan to contain the epidemic. Only for Germany and South Korea some of the rules were relaxed so as to carry on “some business travel”. Furthermore, Japan was also contacted by Beijing in an attempt to discuss about “easing border controls”.
Moreover, almost sixty percent of the companies, informed the survey, had started to function normally post the nationwide lockdown. However, “only a quarter of companies working in the resources or industrial sectors” had taken up their normal operations. As for the manufacturing sector, only fifty percent is operating normally.
References:
reuters.com
