In October last year, the US authorities banned the supply to China of equipment that allows the production of 3D NAND solid-state memory with more than 128 layers, and these sanctions were clearly aimed at the leader of the Chinese industry, YMTC, which was eventually forced to start reducing to ten percent of the staff.
This information is provided by the South China Morning Post, citing YMTC employees who wished to remain anonymous, including those already laid off. According to some estimates, the company now employs about 6,000 people, and if it is necessary to cut from 5 to 10% of the staff, several hundred will lose their jobs. The formal reason why YMTC employees are downsizing is their lack of performance in 2022.
In general, press interest in this topic arose after one of the laid-off YMTC employees, who had worked at the company for more than four years, began to complain on social networks about the need to return to the employer part of the subsidy for the purchase of housing in Wuhan, where the company is headquartered . YMTC is ready to “forgive” such debts to employees only if they have worked for more than five years, and staff with less experience who participated in the corporate housing subsidy program are forced to return the funds spent by the company. In a particular case, we are talking about an amount of just under $60,000, but in some situations it can reach $148,000.
Last week, it also became known that YMTC was forced to postpone the construction of its second facility in Wuhan due to problems with the supply of equipment for it. Under the conditions of tougher sanctions, it is extremely difficult for the company to develop further, although in a short time, being founded in 2016, it was able to technologically come closer to world-class competitors by one or two steps.
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