Miniso Slashes Wages During Coronavirus

Miniso shops in China slashed wages as sales plummeted.

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In order to overcome the difficulties and ensure long-term development, the company proposes that all employees' salaries in January should be paid according to 80% of the pre-tax pay. In February and March, employees at different levels of salary should be paid according to different proportions . Generally speaking, they must be discounted. The higher the salary level, the greater the discount.

In addition to discounted salaries, the company also advocated that departments and employees should suspend their jobs and stay based on actual work conditions during the epidemic. During the period of suspension of work, the salary is paid according to 30% of the income before tax.
The article goes on to discuss issues with the company, including overexpansion that is exacerbating low sales for individual stories during the pandemic. Expect many more stories of companies with poor operations and fragile balance sheets blaming their troubles on coronavirus.
It can be said that the epidemic has dealt a fatal blow to offline businesses, and in this war, it has also accelerated the exposure of many corporate shortcomings.

After the salary cut, Mingchuang may continue to survive, but these essential problems may give it another crit and even directly hinder its IPO.

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