Foxconn freezes new year hiring

Foxconn (2038.HKG) and other electronics companies have frozen post-Chinese New Year hiring as they face maturing business and rising costs, The Wall Street Journal reported. The Taiwanese company, the major assembler of gadgets for Apple (AAPL.NASDAQ), said Wednesday that due to a high employee return rate after the new year holiday, the overall hiring of assembly line workers would be frozen. At a time companies typically lose a large number of employees, who decide to stay home in regions away from plants or find jobs elsewhere, Foxconn spokesman Louis Woo reported more than 90% of workers returned to their jobs after the holiday.