Top Chinese Tutoring Company Laid Off 60,000 Workers After Crackdown

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New Oriental, one of the largest after-school tutoring companies in China, let go of 60,000 staff and incurred nearly $3.1 billion of expenses in 2021 after a regulatory crackdown on the sector

New Oriental Education & Technology Group Inc., one of the largest after-school tutoring companies in China, let go of 60,000 staff in 2021 after a drasticThe company also incurred nearly 20 billion yuan, the equivalent of $3.

1 billion, of expenses, company founder and Chairman Michael Yu said in a Saturday post on a personal social-media account. The costs covered returning prepaid tuition, severance payments and breaking leases on existing teaching space.

 

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How can this kind of scandal, typical of what one can find in a capitalist and free society occur in a communist and totalitarian society?

CarlMinzner The CCP in China is a joke and people pay for the punchline.

It makes American investors China dream broken.

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