PCCW Lays off 506 People

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Last updated at: (Beijing Time) Wednesday, December 05, 2001

PCCW Lays off 506 People

Pacific Century CyberWorks Ltd.(PCCW), Hong Kong's dominant telecom service provider, announced Wednesday that it has laid off 506 employees due to economic hard times.

Pacific Century CyberWorks Ltd.(PCCW), Hong Kong's dominant telecom service provider, announced Wednesday that it has laid off 506 employees due to economic hard times.

"We have today made 506 employees of the PCCW Group in Hong Kong redundant out of the total number working in Hong Kong of approximately 14,000. The redundancies have been spread across thePCCW Group in Hong Kong," said Richard Li, chairman and chief executive of PCCW, in a letter to the staff.

Li, son of Hong Kong tycoon Li Ka-shing, accounted the "extremely difficult situation in Hong Kong and globally" and the tough competition in telecom industry for the decision.

Richard Li did not rule out further unemployment and said the company will implement a wage and headcount freeze for the next year.

The company has planned to introduce new incentive arrangement for high achievers in an effort to increase efficiency, he said.

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