And the crisis in the memory market.
According to China’s SCMP, the story of a downsized YMTC employee who has been with the company for more than four years but is required by his employer to repay his $59,000 housing subsidy is making headlines on local social media this month, according to China’s SCMP. if the employee has worked for the company for more than five years, the source explains.
Image Source: YMTC
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After doing some in-depth study of the issue, SCMP representatives found out that the YMTC was going to cut from 5 to 10% of the staff. If we consider that the company employs 6,000 people, then several hundred of them are at risk of losing their jobs. The official wording that is used when laying off employees is “lack of performance in 2022.” Considering that YMTC is now forced to postpone the construction of a new memory facility in Wuhan due to equipment availability problems caused by US sanctions, and the memory market is not going through the best of times, the combination of reasons that caused the Chinese 3D NAND manufacturer to cut staff is easy. understand.
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