It\u2019s 1 a.m. and Thomas Wu is riding his bike on the empty streets of Shanghai. The 43-year-old insurance executive has had another meltdown.<\/p>\n\n\n\n
Wu\u2019s pay has been slashed by 20% in a nationwide push to lower salaries at state-owned finance companies. He frets about layoffs and wonders how he\u2019ll find 600,000 yuan ($84,500) to keep his two children in international school \u2014 a hallmark of upper-middle-class life in China. His six-year-old is behind in math.<\/p>\n\n\n\n
\u201cWhat\u2019s the point of driving our kids nuts studying so hard?\u201d Wu said. \u201cThe top-tier graduates can\u2019t find a job, those who come back from overseas can\u2019t find a job.\u201d Pay increases, he says, are no longer tied to effort. \u201cMy work is meaningless.\u201d<\/p>\n\n\n\n
Read it all<\/a>.<\/p> China created a new class of highly paid white-collar worker. Now their dreams are being crushed. https:\/\/t.co\/FtWSrjgm8J<\/a> #TheBigTake<\/a><\/p>— Kristine Servando (@tinssoldier) September 19, 2024<\/a><\/blockquote>