Socialism is a _very_ broad term that ranges from anarcho syndicalism and libertarian socialism to democratic socialism, market socialism and many others. The key commonality of these is that you have some form of worker owned economy AKA you have some say and direct responsibility in all aspects of life, including your work.
What is described here is some variant of state capitalism or state monopoly capitalism, which is an extremely controversial form in socialist circles: https://en.wikipedia.org/wiki/State_capitalism