Covid Regulations, China's Crackdown On Alibaba And Others Are Taking Toll On Its Tech Workers - Read How - Alibaba Gr Hldgs (NYSE:BABA), Kuaishou Tech (OTC:KUASF), iQIYI (NASDAQ:IQ), Tencent Holdings (OTC:TCEHY)

Chinese tech workers are facing a tough time landing a job that is coming after a significant pay cut, the Financial Times reports.
The domestic regulatory crackdown on the Big Techs ranging from Alibaba Group Holding Limited BABA, Tencent Holding Ltd TCEHY, and stringent Covid lockdown played a double whammy on the country's economic growth.
The tech candidates are landing jobs after a 30% - 50% pay cut and a demotion, making it the most challenging job market ever.
Many could not get to their next job due to quarantine measures to contain Covid.
Over the past year, China's once overworked but well-paid tech workers saw a decline in office perks, job cuts, headcount freezes, and stalling or falling pay.
Trouble at smaller, unprofitable companies gradually expanded to highly profitable groups, including Alibaba and Tencent.
The companies repeatedly emphasized cost control.
China's unemployment rate for young workers aged 18 to 24 rose to 18.4% in May, FT wrote. More than 10 million graduating university students will soon join the club.
China's five largest publicly listed edtech groups slashed payrolls by 175,000 by the end of February.
Lossmaking companies, amid tighter scrutiny from regulators, including iQIYI, Inc IQ, Kuaishou Technology KUASF, and DiDi Global Inc DIDIY, resorted to downsizing employees.
Price Action: BABA shares traded lower by 5.38% at $102.32 on the last check Thursday.

Covid Regulations, China's Crackdown On Alibaba And Others Are Taking Toll On Its Tech Workers - Read How