SINOPEC Yizheng Chemical Fibre Co, a unit of Asia's largest refiner, will pay 89 million yuan (US$12 million) to compensate 12 percent of its workers who were dismissed to strengthen the company's "core business."
Payments to the 1,089 terminated workers will be included in the company's first-half accounts, Sinopec Yizheng said in a statement to the Hong Kong stock exchange yesterday. The Jiangsu-Province based company had 9,345 employees at the end of last year, according to Bloomberg News data.