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How China does pink slips: 1.8 million at a time

As its economic growth slows, China reportedly plans to lay off 1.8 million coal and steel industry workers as it tries to reduce overcapacity in the country's state-run enterprises.

About 1.3 million coal workers and 500,000 steel workers would be moved into other jobs, according to Bloomberg News, which cited a transcript posted on the Chinese government's website.

China, the world's second-largest economy and biggest producer of steel and coal, is moving to slash its industrial workforce as the People's Republic tries to shift to an economy driven by consumer spending and to reduce pollution.

Chinese officials have established a $100 billion yuan ($15.3 billion) fund to be used over two years to aid companies in resettling employees cut during the transition, the news agency said.

In the U.S., the coal industry is struggling under the weight of factors including low prices being paid for the commodity, with the regulator in charge of miner's safety recently expressing concern about 2016 fatalities.

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