Sunday, July 11, 2004

rumor - PwC employees consider strike


Unconfirmed rumors in Chinese media suggest that employees of PriceWaterhouseCoopers in China, one of the larger international auditing firm, are organizing a strike against unpaid overtime.
While payment for overtime is mostly covered in labor contracts, I have never heard of a single case where that would be paid.
The international auditing firms are having much extra work now a larger number of Chinese companies is preparing a listing abroad. A few years ago the central government has ordered that companies preparing for a listing should all hire one of the larger international auditing firm.
Such an action could have a major effect on the wages of these top-end services providers in China.
More as more stories come in...

Update
The original source of the information is the 21th Century Economic Report, a rather trustworthy paper. The unrest started among some of the lower level staff in Beijing, who want their salaries on the industry level, and has now expanded to Shanghai and Shenzhen too. Additional problems with the management style in the company and the lack of a trade union - that is officially compulsory.

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