Well-known Chinese news site Tencent News recently reported that, according to the latest data on contract-signing for college graduates, as of May, 22 percent of males signed employment contracts and 10 percent of females signed, which is really appalling. This year’s class of college graduates faced a truly tough labor environment. The COVID pandemic has brought down many employers. With continuous risk control, millions of companies have no profit, only expense after expense. It has not been easy for small and medium-sized companies to survive this year. However, if they do survive, they have to save money and reduce costs. Many employers are laying off employees. It is very difficult to find a job at this time. Half of the companies have closed down, so it’s already strange if one doesn’t lose his job, let alone the difficulty college students who have just graduated face in seeking a job. There are a lot of people who have been in the job market for more than 10 years and are still without a job. The number is greater than for those who have just-graduated. Many colleges push students to sign the Tripartite Agreements (an employment agreement between the student, the college and the employer), which are often not a guarantee of employment but just an intent, since the Agreement is not a legally binding formal hiring contract. Not many students have managed to secure a hiring contract for job positions as soon as they graduate. Many had to turn to continuing education by taking graduate school exams, or to participate in civil service exams to obtain a government job. However, there are only so many job positions every year, and most people will take the exams while working on something temporary or just give up altogether.
Source: Tencent News, May 19, 2022