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APAC Edition
25th June 2024
 
THE HOT STORY
Thailand to resume sending agricultural workers to Israel
Thailand will resume sending agricultural workers to Israel this week after an eight-month hiatus. The Thai labour ministry aims to have more than 10,000 of its citizens working in Israel by the end of the year. Before conflict in the region broke out last October, around 30,000 Thai labourers were working in the agriculture sector in Israel. However, 39 Thais were killed and 32 were taken hostage during the attacks by Hamas. Six of them are still believed to be in captivity. The first batch of around 100 workers were due to fly out from Bangkok on Tuesday. Another group is expected to follow in early July. Many Thais, especially from the rural northeast region, seek employment in Israel due to higher wages and the opportunity to alleviate their debt.
HEALTH & SAFETY
23 killed in South Korean lithium battery plant fire
Twenty-three people, mostly Chinese nationals, have been killed in a massive fire at an Aricell lithium battery plant in South Korea. The fire broke out on the second floor of the factory where lithium-ion batteries were being inspected and packaged. The fire spread rapidly, with toxic fumes overwhelming the workers in the area. The bodies were found in the area where an estimated 35,000 battery cells were stored. Lithium batteries burn fast, making them difficult to control. South Korea's President Yoon Suk Yeol visited the site and ordered authorities to ensure the prevention of similar accidents in the future. Aricell CEO Park Soon-kwan expressed his condolences and promised to cooperate with an investigation. A labour ministry official told Reuters it was investigating whether Aricell complied with safety regulations and gave adequate safety training for temporary foreign workers.
LEGAL
Hyundai Motor's union workers in South Korea vote for possible strike
Hyundai Motor's unionised workers in South Korea have voted for possible strike action after talks with the company over wage increases and an extension of the retirement age stalled. The automaker's union announced the decision on Monday. 
HIRING
Zurich Insurance to add 600 in India following Kotak deal
Zurich Insurance plans to increase its headcount in India by 40% over the next three years, adding 600 people following its acquisition of a majority stake in Kotak Mahindra Bank's general insurance unit. Tulsi Naidu, the Swiss firm's CEO for Asia Pacific, highlighted the opportunities for growth in commercial, small and medium enterprise, assurance, auto, and general insurance. She also mentioned that the penetration level for general insurance in India is a quarter of the world average and sees the development of digital as a big enabler for insurance access. Zurich Insurance's $666m purchase of a 70% stake in Kotak General Insurance Company Ltd. saw it become the first foreign insurer to enter India after investment limits were relaxed. The Indian business currently employs 1,500 people and will add talent in digital development, commercial insurance underwriting and distribution, and product and proposition development.
Citigroup hires HSBC's Matthew Hung as head of HK Corporate Bank
Citigroup has hired former HSBC banker Matthew Hung as its head of corporate banking for Hong Kong. Hung will replace Joy Cheng, who was appointed head of Citi Commercial Bank for Hong Kong in February. Hung's coverage will include local corporates, public sector organisations, financial institutions, and multinationals. He will report to Kaleem Rizvi, head of corporate bank for Japan, North Asia, and Australia, and Aveline San, Hong Kong and Macau CEO and head of banking. Hung will also join the Hong Kong Executive Committee. Hung's experience and client connectivity in mainland China and the Greater Bay Area will support Citigroup's growth plans in the region. Hong Kong is one of Citigroup's largest markets for its corporate bank, serving hundreds of local corporates and multinationals.
Kuwait to lift visa ban on Filipino domestic workers
Kuwait has announced that it will lift the visa ban on domestic workers from the Philippines. The Philippines had previously imposed a ban on its citizens working in Kuwait after a Filipina was allegedly killed by her employer. The incident led to a series of disputes between the two countries.  The interior ministry of Kuwait and Manila said they have reached an agreement to resume the recruitment of domestic workers after a breakthrough in talks. The two countries have also agreed to form a joint committee to address any potential issues. 
WORKFORCE
Hong Kong companies urged to rethink mandatory retirement age
Hong Kong companies with mandatory retirement age policies are being urged to reconsider and offer more flexibility for mutually agreed arrangements, according to a survey by the Hong Kong Chartered Governance Institute (HKCGI). The report suggests that an open and transparent process for evaluating employees' contributions and considering post-retirement retention based on merits and mutual agreement would benefit both employees and employers. With the senior citizen population in Hong Kong predicted to almost double by 2046, the report highlights the need for senior staff retention and leveraging the ageing population to boost productivity. The survey also revealed that a majority of respondents support maintaining the current model that allows parties to determine retirement age through contracts. The HKCGI recommends that companies develop suitable policies and procedures to encourage open communication with seniors approaching retirement age. Anthony Neoh, senior counsel of Hong Kong Bar, emphasized the importance of retaining experienced employees through well-thought-out succession plans.
TAX
Asian countries generate $1.92bn in extra tax revenue
A group of 13 Asian countries implemented international tax transparency standards and generated at least $1.92bn in extra tax revenue in 2023. The report was published by the Asia Initiative, a group of 17 member countries working to implement tax transparency standards developed by the Global Forum.
INTERNATIONAL
Companies shift attitude on DEI schemes
The UK's right-leaning Daily Telegraph charts what it says is a gradual shift in attitude around diversity, equity and inclusion (DEI) schemes as business leaders take stock of the costs involved. Businesses, which the newspaper says were once eager to spend thousands of pounds on winning DEI accolades and awards, are now quietly backtracking after a string of boycotts, court judgements and compensation claims. Tanya de Grunwald, who advises companies on HR issues, says: "The HR directors have not been quick enough to realise that their head of DEI is actually practising what looks more like their own political activism from within the organisation." DEI teams themselves are often not diverse, De Grunwald claims, arguing that this results in group-think, which leads to bad business decisions that alienate customers. Octavius Black, chairman and founder of MindGym, said a pull-back on HR spending had led to a drop in revenue for the firm, and that the HR refocus is happening globally. HR consultants that continue to peddle unproven remedies will be sifted from the market, he said.
Tata Steel workers in Wales to begin all-out strike over job cuts
Tata Steel UK staff in south Wales will begin an "indefinite strike" from July 8 in protest over the company's job-cutting plans, trade union Unite has said. Around 1,500 Tata workers based in Port Talbot and Llanwern will begin all-out indefinite strike action over the company's plans to cut 2,800 jobs and close its blast furnaces. The strike will severely impact Tata's UK operations. It is the first time in over 40 years that steel workers in the UK have taken strike action. The walkout will begin just four days before Britain holds a general election. The main opposition Labour Party is widely tipped to comfortably beat the governing Conservatives. "Labour has . . . made emergency talks with Tata a priority if it wins the election," said Unite. Tata revealed in January that it was planning to shut the coke ovens and two high-emission blast furnaces in Port Talbot, the UK's biggest steelworks, leading to the loss of up to 2,800 jobs. Tata is seeking to invest £1.25bn ($1.58bn) into electric arc furnace technology to try to cut long-term carbon emissions.
California passes rules to protect indoor workers from extreme heat
California's workplace regulators have passed rules to protect indoor workers from extreme heat. The rules, which still require final approval, aim to prevent illnesses, injuries, disabilities, and deaths related to heat stress for various workers, including those in greenhouses, warehouses, kitchens, and schools. The regulations would require employers to cool workspaces or adjust tasks and schedules to reduce the risk of heat illness. Workers would have the right to water, breaks, and cooling-off areas when temperatures reach a certain threshold. The rules do not apply to state correctional facilities. California is one of the few states to establish indoor worker protections, and the move comes as global warming raises temperatures and federal heat standards for workers are absent. The state estimates that businesses will spend around $1bn to comply with the rules over the next decade.
Germany saw a record number of industrial disputes in 2023, study shows
The number of working days lost to strikes in Germany doubled in 2023 compared with the previous year to more than 1.5 million, with a record 312 industrial disputes, according to a study by the Institute of economic and social sciences (WSI). High inflation and the consequent loss of purchasing power were the main drivers behind the surge in strikes. The study highlights the impact of the cost-of-living crisis and inflation spike on Germany's worker relations. The WSI predicts that 2024 will also see intensive industrial disputes, depending on the outcome of union talks in the metal and electrical industries. Germany ranks 8th in terms of industrial action, behind countries like Belgium and France.
OTHER
Australia introduces toned-down vape ban
Australia is to tone down a planned world first ban on vaping after opposition from the Greens party saw the government agree to amend a bill that would have restricted vapes to those with a doctor's prescription. The agreement between the ruling centre-left Labor party and the Greens will see legislation pass later this week that restricts the sale of vapes to pharmacies and removes them from retail shelves. However the bill stops short of the government's initial ambition to limit sales only to those with a doctor's prescription, which would have been a world-first. The amended bill will take effect on 1 July.
 


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