China Petroleum & Chemical expects RMB4.5 bln for job cut

According to the job cut plan of China Petroleum & Chemical (0386), 100,000 jobs would be cut from 2001 to 2005 and relevant compensation expenditure would reach RMB4.5 blnBut the plan would save RMB 5.4 bln in the coming five years. The company announced on Tuesday that 100,000 employees would be laid off in five years in ways of retirement, voluntary leaving, trimming redundancy and 27,000 would be laid off this year. About 90% jobs would be cut in the first three years.

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