Pink slips hit where it hurts the most

SHANGHAI: "Did you receive a pink slip?" This is the most asked question in Shanghai by white-collar workers these days as the city slowly comes to grips with layoffs and job losses.

As the financial crisis spreads, more and more white-collar workers and some gold-collar workers are feeling the heat across all sectors. So much so that if you manage to retain your job, you are the toast of the town.

"Before the Chinese New Year, my colleagues started to gossip about news of staff cuts," said an office worker who wanted to be identified only as Coco. She works for a Swiss company in Shanghai. "Up to now, our company has axed about 10 percent of the staff, and many familiar faces disappeared after the Chinese lunar New Year holidays," she said.