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European Edition
26th April 2024
 
THE HOT STORY
Greece among highest in EU for overqualified workers
Almost a third (31%) of Greece’s workforce is considered overqualified for their current positions, according to new data released by Eurostat. Greece is behind only Spain (36%) in terms of highly qualified individuals working in roles that do not require their level of education. The report also highlights that 22% of workers across the EU are deemed overqualified, with a slightly higher rate among women compared to men. Luxembourg has the lowest rate of overqualification at just 5%. The data also reveals a record-high employment rate of over 75% among citizens aged 20 to 64 in the EU in 2023, with the Netherlands, Sweden and Estonia leading in employment rates. Greece, Italy and Romania have the lowest employment rates in the EU.
HEALTH & WELLBEING
39% of UK women take time off work due to poor mental health
Almost four out of 10 women in the UK have taken time off work as a result of poor mental health over the past year, according to a new report by Deloitte. The report reveals that the proportion of women calling in sick due to stress, anxiety, depression, or other mental health issues has increased from 35% to 39%. This is higher than the global average of 33%. However, the research also found that two-thirds of women do not feel comfortable discussing mental health at work or disclosing it as the reason for their absence. The report highlights that women from ethnic minority backgrounds face even more challenges, with over half needing time off but only 20% feeling comfortable sharing mental health as the reason with their employer. The study also shows that almost half of the women surveyed in the UK reported increased stress levels, partly due to pressure to return to office working. 
HIRING
Government of Azores releases hiring guide for foreign citizens
The Government of the Azores has released a comprehensive guide for hiring foreign citizens, providing essential information for companies and immigrants. The guide aims to assist those who want to settle in the Azores and work in various professions. The regional secretary for Parliamentary Affairs and Communities emphasized the importance of immigrants in addressing the labour shortage in sectors such as catering and construction. The government plans to increase Portuguese language training for foreigners and acknowledges the challenges in ensuring dignified immigration, particularly regarding housing.
KPMG to hire more ex-offenders after successful trial
KPMG in the UK plans to hire more ex-offenders after a successful two-year trial. The move is a boost for the government's efforts to reduce reoffending rates and encourage big businesses to recruit prison leavers. Data shows that stable employment reduces the reoffending rate by up to 9 percentage points. Ex-offenders hired by KPMG work across all areas of the business, including senior roles. Jon Holt, KPMG UK's chief executive, has urged other white-collar employers to follow the firm's lead, saying: "There's a very strong business case because these people are extremely hard working and successful." 
Over half of labour migrants to Sweden affected by salary threshold are graduates
A new analysis by the Confederation of Swedish Enterprise has found that 51% of the labour migrants likely to be blocked by a new higher salary threshold will be graduates.
STRATEGY
Julius Baer to open office in Lisbon next year
Swiss wealth manager Julius Baer plans to open an office in Lisbon next year to cater to the growing number of affluent foreigners residing in Portugal. The move comes as Portugal has become a popular destination for wealthy individuals due to attractive tax breaks and a golden visa program. Julius Baer will relocate a team of 14 bankers from Madrid to the new Lisbon office. The wealth manager aims to develop and grow the market in Portugal on a cross-border basis. The golden visa program in Portugal now requires non-EU investors to buy a stake in a fund that invests in property. The government has also stopped accepting new applications for the non-habitual resident program, which previously offered favourable tax rates. However, those who applied before 2024 will continue to enjoy the benefits until the end of the 10-year period.
Goldman Sachs shifts top London banker to Paris
Goldman Sachs has relocated Dirk Lievens, one of its leading European investment bankers, from London to Paris. Mr Lievens, who leads the bank’s financial institutions group for Europe, the Middle East and Africa, has been relocated to be closer to Goldman’s continental European clients, which include banks and insurers. The move comes as part of a shake-up in the group’s regional structure following Brexit.
LEGAL
Using the phrase 'back in your day' could be considered age harassment, UK employment tribunal rules
Using the phrase 'back in your day' to older colleagues could be considered age harassment, according to a UK employment tribunal ruling. The phrase, which highlights the age gap between individuals, may amount to "unwanted conduct" and is potentially unwelcome. The ruling came in the case of nursing assistant Margaret Couperthwaite, who sued for age harassment after a younger colleague allegedly made a comment about an operation being free on the National Health Service "back in your day." Although the claim was dismissed due to lack of evidence, the tribunal agreed that if the comment had been made, it would have been related to age and likely considered unwanted conduct. Ms Couperthwaite's other claims of discriminatory dismissal, disability discrimination, and harassment were also thrown out.
ECONOMY
Euro zone inflation faces bumpy road ahead, says ECB board member
The final stage of getting euro zone inflation back to 2% will be bumpy, according to European Central Bank (ECB) board member Isabel Schnabel. She highlighted that productivity erosion and high services costs pose significant risks. Euro zone inflation has fallen faster than expected, and the ECB is concerned about price growth oscillating in the coming months. Services inflation has remained at 4% due to robust nominal income growth and household savings. The ECB is closely monitoring wage growth and unit labour cost development. Schnabel noted that productivity growth has been negative for several quarters, which could generate inflationary pressures. The ECB is expected to ease policy in June, but Schnabel emphasized that the euro zone is not yet in the clear. Investors have reduced their rate cut expectations due to the US Federal Reserve's reduced easing expectations.
WORKPLACE
London remains the world’s most desirable city for work
London has been named the world’s most desirable city for work for a tenth consecutive year. While London came out on top, Amsterdam, Dubai, Abu Dhabi, New York, Berlin, Singapore, Barcelona, Tokyo and Sydney all made the top ten. The survey also saw the UK land fourth spot on a ranking of the most popular countries. Australia took the top spot, followed by the US and Canada. The Decoding Global Talent survey, which was conducted by Boston Consulting Group, The Network and The Stepstone Group, polled more than 150,000 workers from 188 countries.
LEADERSHIP
Amitrano to succeed Ellis at PwC in the UK
PwC has announced that Marco Amitrano has been elected to succeed Kevin Ellis as head of its operations in the UK. Mr Amitrano, who is currently managing partner and head of clients and markets at PwC UK, will become senior partner for PwC UK and Middle East from July 1, for a period of four years. He landed the role having fought off competition from Laura Hinton, PwC’s UK head of tax, and Hemione Hudson, who runs the UK audit business. Mr Amitrano, who said his priorities will include focusing on technology, clients and PwC’s global network, said he was “incredibly proud” that two women had made the shortlist to succeed Mr Ellis, going on to insist that diversity and inclusion “will remain my number one priority.” Mr Ellis described his successor as a “fantastic leader, with a deep understanding of our business, our markets and the challenges our clients face,” adding: “The partners have made the right choice in the leader for PwC’s next chapter.” 
INTERNATIONAL
Many Australian workers are expected to take sick leave today
The 26th April is expected to see a surge in Australian workers taking sick leave following the Anzac Day public holiday. While many workers are expected to show up for work, a high number are anticipated to call in sick to create a four-day long weekend. Business groups have warned that this phenomenon could cost the economy millions in lost productivity. Jessica Tinsley, workplace relations director at the Australian Chamber of Commerce and Industry, emphasized that unplanned absences hurt small businesses and are against the law. Under current workplace laws, employers can ask employees to provide evidence, such as a medical certificate, for as little as one day off work. If employees fail to provide evidence, they may not be entitled to sick leave. Experts urge workers to request annual leave if they want a day off.
Iran launches crackdown on unveiled women
Iran has launched a crackdown on women accused of flouting the Islamic dress code. The Noor campaign aims to enforce mandatory hijab-wearing and respond to demands from devout citizens. Under Iran's sharia law, women are required to cover their hair and wear loose-fitting clothes. Violators face public rebuke, fines, or arrest. Some critics suspect a political motive, suggesting that the campaign is meant to prevent anti-war protests and quell domestic dissent. The crackdown comes at a time when Iran is under external pressure and facing threats from Israel. Journalists, lawyers, activists, and students have also faced arrests and other measures. The primary charge against those arrested is "inciting public opinion."
Death of Hong Kong sewer workers triggers renewed calls for safety action
Two workers in Hong Kong, aged 26 and 34, were killed after suspected exposure to toxic gas while working in a manhole. Hong Kong unions and concern groups are urging the government to implement stricter safety measures to prevent fatal industrial accidents. The Association for the Rights of Industrial Accident Victims expressed its anger over the frequent occurrence of such incidents. Labour authorities have been revising the safety code for working in confined spaces, and the revisions are expected to be completed soon.
Baseball star is voted 'dream boss' in Japan for a second year
Los Angeles Dodgers superstar Shohei Ohtani has been voted as the "dream boss" for new workers in Japan for the second year in a row, according to a survey by the Tokyo Chamber of Commerce and Industry. The survey asked participants who they believed would be ideal bosses from the entertainment, sports, and historical spheres. Ohtani emerged as the most popular choice among respondents. The survey also revealed changing attitudes towards job stability, with a higher percentage of respondents expressing a desire to change jobs if given the chance. Over 95% of respondents expressed anxieties about starting their new roles, including concerns about job compatibility, getting along with colleagues, and work-life balance. The survey highlights Ohtani's leadership skills and popularity among young workers in Japan.
 


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