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Vol.11 2010.1
LEGAL CORNER
Labor Law Revised to Protect Against Reckless Layoffs
The Cabinet-level Council of Labor Affairs (CLA) has drafted a set of revisions to the Labor Standards Law, under which when in merger deals, non-corporate entities of financial institutions should keep all the existing employees of the entities they merge, and keep their labor contracts unchanged unless obtaining consent from the employees.

In response, officials with the Cabinet-level Financial Supervisory Commission (FSC) said the FSC will ask the CLA to reconsider the revision, as it will undermine the merger or acquisition deals among financial institutions. The amendment, once enacted, will constitute a major impact on the Nan Shan Life Insurance, which has been involved in a major acquisition deal by new investors.

(Source:The China Post)
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