Taiwan is seeing another round of job losses after the Spring Festival. Figures for January show the number of applicants for jobless benefits topping 720,000 the highest in more than a decade. And the picture could get even bleaker.

Local authorities say they expect new record highs for the month of February. But local authorities say they expect to create up to 150,000 jobs. Industrial organizations have also launched a campaign, calling on enterprises to stop what they call "random job cuts" for a year.

Many companies in Taiwan have seen their assets contract due to the global downturn. This has not been helped by a lack of financial support from local banks. Many firms have been forced to cut jobs in a bid to save on operational costs.

(CCTV February 9, 2009)