The parent company of Hong Kong listed China Coal Energy, China National Coal Group, announced it will cut 5,000 jobs this year.
The Xin Hua Net reported the group announced plans to reassign 9,300 jobs this year and reduce the overall headcount by 5,000 when the company released its major plans for 2017 on February 6.
According to China National Coal Group, it employed 96,572 people in 2013. The number was down to 94,369 in 2014, and 91,223 in 2015.
The company started suffering losses in 2015. Facing a gloomy outlook, the group made a decision in June last year to reassign up to 25,282 jobs by 2020.
A spokesperson from the group told local media yesterday that the company will help staff members who are affected to look for jobs.
The latest rounds of job cuts comes less than a month after the group forecast a net profit between 1.8 billion to 2.2 billion for 2016.
This article was originally published in Human Resources Online.