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Middle East Edition
17th April 2024
 
THE HOT STORY
Google workers stage sit-ins to protest company's work with Israel
Google employees in two different US offices protested the company’s work with the Israeli government on Tuesday, objecting to a $1.2bn contract it signed with the US ally three years ago.  Dozens of employees began occupying company offices in New York City and Sunnyvale, California. The contract, known as Nimbus, that Google shares with Amazon provides cloud computing services to the Israeli government. The contract has faced backlash from employees and activists since it was signed in 2021, but the objections have grown amid Israel’s ongoing military campaign in Gaza. “I would not like to lose my job,” explained Google Software engineer Emaan Haseem. “But I think that it is impossible for me to continue coming into work every week without acknowledging and loudly condemning Project Nimbus and any support for the Israeli government.”
WORKPLACE
Telecoms major is named best workplace in Saudi Arabia
Telecommunications major STC Group has been named the best workplace in Saudi Arabia by LinkedIn. The firm was followed by Red Sea Global and Saudi Arabian Oil Co. on the list. The annual list by LinkedIn identifies the organisations leading in growth, learning opportunities, workplace equity, and company culture. In the UAE, Bain & Co. was named the top organisation, followed by Mastercard and Procter & Gamble. The lists highlight the growth and expansion of companies in the UAE and Saudi Arabia, solidifying the region's reputation as a leading business hub. The survey also reveals that many professionals in the region are considering job switches this year, and the UAE has seen an increase in hiring.
WORKFORCE
Some UAE firms use savings scheme to make employees 'millionaires' in as few as five years
Khaleej Times reports on how some UAE companies are seeking to retain their best employees by offering to make them 'millionaires' through savings schemes. And in addition to companies, individuals are also investing for their children and wives to make them millionaires in five to seven years’ time by using saving programmes such as National Bonds' "My One Million" scheme. Under this scheme, both employer and employee contribute certain monthly amounts to the scheme. The profit earned during the period is also reinvested, allowing employees to reach the Dh1 million milestone faster.
TAX
Multinationals need to read fine print on employee secondment to the UAE
The introduction of the UAE's corporate tax and a withholding tax regime in the near future has put the spotlight on cross-border employee secondments, writes Pankaj S. Jain for Gulf News. Until last year, multinationals were not worried about employees from group entities being deputed to work in the UAE at one of their subsidiary companies. The physical presence of such employees in the UAE did not expose the overseas entity's profits to any local tax risks. But now, shifting employees from any of an organisation's global operations to the UAE can trigger tax rules.
ECONOMY
World Bank warns of worsening poverty gap
The World Bank has warned that poverty reduction efforts have come to a halt in many nations, leading to a widening income gap with developed countries. In a report released during its half-yearly meeting, the World Bank highlighted that half of the world's 75 poorest nations have seen slower income growth compared to developed countries over the past five years. The report also revealed a surge in food insecurity and debt distress since 2019. The World Bank has called on governments and the private sector to do more to address this "great reversal" and urged donors to provide generous funding to support poor countries. The extreme-poverty rate in the most affected countries was found to be more than eight times the global average.
CORPORATE
Spinneys to go public in Dubai IPO
High-end supermarket chain Spinneys plans to sell a 25% stake in the company through an IPO on the Dubai stock exchange. The business, owned by the Al Bwardy family, will be among the first batch of family-owned businesses to go public in the UAE. The IPO boom in the region has been driven by governments seeking to diversify their economies away from fossil fuels. Spinneys, which operates 75 supermarkets in the UAE and Oman, plans to open its first store in Saudi Arabia this year. The IPO is expected to start trading in May.
INTERNATIONAL
US employers must accommodate workers' pregnancies, including abortion and contraception, says EEOC
US employers are now required to accommodate workers' pregnancies, including abortion and contraception, according to a new rule by the U.S. Equal Employment Opportunity Commission (EEOC). The rule implements the Pregnant Workers Fairness Act, which mandates employers to modify job duties or provide time off for workers with pregnancy-related limitations. The rule has faced criticism from Republicans and religious groups who argue that it should not cover workers who choose to have abortions or use birth control. The lack of a religious exemption could potentially lead to a legal challenge. The EEOC's rule will be published on Friday and take effect 60 days later. It applies to employers with 15 or more employees and includes accommodations such as limits on heavy lifting, part-time work schedules, additional breaks, modified equipment, remote work, and paid or unpaid leave. Advocacy groups have supported the rule, stating that it removes obstacles for pregnant workers in the workforce. However, critics argue that some accommodations may be impractical for certain jobs and workplaces.
Singapore instructs all employers to consider employees' flexi-time requests
Workers in Singapore will have the option to request more work-from-home days and flexible work timings starting from December 1. The new guidelines, announced by the Tripartite Alliance for Fair and Progressive Employment Practices, aim to retain talent by providing employees with greater flexibility. While the guidelines are not legally enforceable, all companies in Singapore are required to establish a process for employees to submit formal flexible-working arrangement requests. Employers can reject requests if they would significantly impact productivity or increase costs, but not based on company traditions or management preferences. Singapore's move aligns with other countries that require businesses to consider flexible work requests. Retaining flexible arrangements may benefit businesses, as they have been shown to attract and generate more productivity.
Greek media workers initiate 24-hour strike in protest against government
Greek media workers have gone on a 24-hour strike to protest the government's economic policies. The strike, which includes journalists, has led to the suspension of news broadcasts on various platforms. The strike is part of a broader labour movement that includes railway workers and sailors, who have already initiated protest actions. Today's strike is expected to see widespread participation from various sectors, with demands ranging from higher wages to reduced unemployment. The General Confederation of Greek Workers has also called for a strike, coinciding with the broader labour movement's demonstrations. Rising inflation and precarious working conditions have fueled discontent among workers, with a 37% increase in prices over the past two years.
Portugal to implement tax cuts for middle class worth €1.5bn
Portugal's new minority government, led by Prime Minister Luis Montenegro, plans to approve tax cuts worth €1.5bn for the country's middle class. The government aims to reduce income tax rates by 0.5 to 3 percentage points from 2023 levels, with a focus on the middle class. Montenegro believes that high taxes hinder investment and limit job creation. According to the OECD, Portugal has the ninth-highest tax burden on workers' income among OECD member countries. Analysts expect Montenegro to secure opposition support for his urgent measures, including tax cuts and wage hikes for certain professions. However, the stability of his government remains uncertain, as it relies on the support of either the far-right Chega or the centre-left Socialists. Montenegro's goal is to achieve balanced budgets and stimulate economic growth, aiming for a growth rate close to or above 3.5% by the end of the four-year term. The economy expanded by 2.3% in 2023, a significant slowdown from the previous year. The Bank of Portugal forecasts 2% growth in 2024.
UK visas for 'brightest and best' account for less than 2% of total
Two visa routes introduced by the UK government to attract highly skilled workers after Brexit accounted for less than 2% of the total work visas issued in 2023, according to analysis of Home Office statistics. The High Potential Individual visas and Global Talent visas, which were hailed as benefits of leaving the EU, made up just 1.9% of the 337,240 work visas issued last year. Yash Dubal, director of the immigration and visa company A Y & J Solicitors, said: "The figures show that while high achievers have taken advantage of these routes, they have done so in modest numbers and as a tiny percentage of overall work visas."
 


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