Quote that I answered:
"Anyone who's ever worked corporate will note the cringeworthy "we are family" themes running across all corporate workplaces which runs to the benefit of the oligarch owners since they can expect you to work overtime for your 'work family' and yet not raise your pay. "
Chinese working more hours, for less share of corporate income, at the same time they deprived the trustable investment opportunities, hence the love with the housing market.
The differences bron from the difference in ISNTITUTIONS, and the local/county/country goverment is a small part of it.
If a Chinese worker's hand crushed by a machine what is the biggest compensation that he would get compared to his yearly sallary ,from the company? Same for the UK/USA counterpart ?
This has deep implications.
Countries with weak , slow or incapable/complicated legal background has weaker worker safety, more accident, lower compensation .
Simply saying, the corporate profit from the injuries of workers, by not providing to them safe work enviroment.
This is NOT dictated by the goverment, but by the juridical system.
I doubt you have worked in China since your views are completely out of date.
Full time workers in China has what you call 5xian1jin, or 6 insurances, covering injury, retirement, health, loss of employment, reproduction and housing, both employer and employee contribute to this, and it makes up quite a bit of the package, depending on which province/city you live in.
I'll use fatality at work in China as an example.
If someone died at work due to work reasons, there is these components.
1. 1 off funeral costs, indexed at 6 x average monthly salary of the local area.
2. 1 off death allowance, indexed at 20x annual national average income.
3. Family support, indexed as a % of their salary before death. This include parents (30% from age 55/60 to death or 40% if only 1), partner (40% from 55/60 to death if they do not have their own retirement fund), and kids (30% until 18 or 40% if other parent deceased also).
Lets say you have a 10 year old, a working wife and both your parents are still alive, and live in a city where the average income is 6,000 rmb a month, and the national average income is 40,000 rmb and you earn 10,000 RMB a month, and you died from overworking your 37.5 hour week, then your payout will be:
1. 36,000 for your funeral,
2. 800,000 rmb death compensation
3. 3,000 x 8 x 12 = 288,000 for your son, 3000 x 12 x 25 = 900,000 for your mum assuming she dies in 25 years time, 3000 x 12 x 20 = 720,000 for your dad assuming he dies in 20 years time, that is another 1,908,000, depending on how soon your family dies.
So your total package for dying is 2.744 million RMB or around $400,000 US. This should be coming from your insurance.
This is actually quite similar to the likes of Australia, and pretty high comparatively speaking based on income level, and the widows and dependents can live relatively comfortably on it. (Don't let your wife find out or she will egg you on to die at work hehe)
In all honesty, safety has drastically improved in China over the last 10-15 years in most industries. Chinese lives actually matters now because of higher living standards and the country is richer, and safety stats have came down dramatically. Not just that, the workers still have their common sense about them which helps on top of the increased regulations and better PPE/training. I just ran a 25 million man hour job in China LTI free, under Exxon HSE definitions. Might be worth revisiting China when the borders reopen so you can update your views and reevaluate....
