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APAC Edition
17th July 2024
 
THE HOT STORY
India is to fast-track China visas after businesses are hit by delays
India's government is working on rules to expedite visa processing for Chinese technicians, aiming to reduce the current processing time from four to five months to within 30 days. The move comes in response to complaints from businesses that the visa restrictions are hindering India's efforts to become a manufacturing hub. The government plans to allow all companies in targeted sectors that receive government subsidies to apply for business visas for Chinese workers, streamlining the process and eliminating the need for extensive paperwork. The visa delays have led to escalating costs, blocked investments, and a loss of credibility for Indian firms. The border standoff with China has also resulted in a significant reduction in production and job opportunities in the electronics sector. However, industry leaders remain optimistic that the matter will be resolved in a timely manner. "The industry is very cognizant about the nation's security requirements but at the same time, transfer of skills, investments, technology transfer, absorption of technology etc, are critical for achieving" India's economic goals," said Pankaj Mohindroo, chairman of the India Cellular & Electronics Association.
WORKFORCE
Police deployed as job protests in Bangladesh flare
Thousands of riot police have been deployed at university campuses across Bangladesh following violent protests against government job quotas. The protests, which erupted against Prime Minister Sheikh Hasina's government, are the first significant demonstrations since her re-election earlier this year. The quota system reserves 30% of government jobs for descendants of freedom fighters from the 1971 War of Independence. Stagnant job growth in the private sector has made government jobs more attractive in Bangladesh. Protests are expected to continue until the demands of the anti-quota protesters are met. The Supreme Court has suspended the order to reinstate the job quota for a month, but protests have intensified after Hasina refused to meet the students' demands. Youth unemployment is also a major issue in Bangladesh. Millions of young people are not in education, employment, or training.

 
CNA
REMOTE & HYBRID WORKING
TCS links quarterly variable pay with attendance
Tata Consultancy Services (TCS) has introduced a new variable pay policy that links employees' quarterly bonuses to their attendance at the office. Employees with less than 60% attendance will not be eligible for the bonus. TCS Chief Human Resources Officer Milind Lakkad said the policy aims to encourage a return to office culture rather than punish employees. TCS has divided the variable pay policy into different slabs, with employees attending the office between 75% and 85% of the time receiving 75% of their quarterly variable pay. Lakkad stated that the company will soon achieve its target number of employees working from the office.
HEALTH & WELLBEING
Young Hongkongers struggle financially, posing mental health risk
Young Hongkongers are facing financial struggles, with more than half of employees considering themselves at risk or struggling financially, according to a survey by advisory firm WTW. The survey also revealed that financial stress is impacting the mental health of employees, with 63% reporting its negative effects. The challenging financial circumstances are also affecting retirement plans, as over half of employees reported being unable to improve their retirement situation. The dire retirement situation is particularly stressful for younger and mid-level employees, with over a quarter of those aged 40 to 49 considering themselves at risk. Gender disparities also exist, with 60% of men feeling confident about their retirement savings compared to 66% of women. The survey highlights the need for employers to take action to improve financial well-being within their organisations. "These can include adequate education for employees to help plan their resources and close financial gaps," advised Eric Lam, the head of health and benefits at WTW Hong Kong and Macau.
STRATEGY
Airbus to freeze hiring and cut costs amidst competition from China
Airbus is freezing hiring and implementing cost-cutting measures in response to competition from China's Commercial Aircraft Corporation (Comac). The European aerospace champion is aiming to boost productivity and reduce costs per plane ahead of an expected influx of exports from Comac. While some Airbus jobs may be at risk, the plan, codenamed "Lead," is not a formal redundancy program. The memo to workers highlighted Comac's strong state-backing and large domestic market, as well as the potential for Boeing to emerge stronger from the current safety crisis surrounding the US firm's 737 Max model. Airbus is also facing challenges in meeting its production goals due to bottlenecks at key suppliers. The company has launched an improvement program to address these issues.
PwC considers reducing audit headcount in China
PwC is considering cutting up to half of its auditing staff in China due to a regulatory investigation and an exodus of clients. Chinese regulators have been scrutinising the firm's role as the auditor of troubled property firm China Evergrande, which has led to the departure of some clients. PwC's financial services auditing operation in China employs at least 2,000 people and the firm is also considering laying off about 20% of staff in other auditing teams and non-auditing business lines.
CYBERSECURITY
Disney investigates leak of internal messages
Disney says it is investigating a possible leak of internal messages by a hacking group. It is reported that the data includes messages about the firm’s upcoming projects. Hacking group Nullbulge - which targets companies it believes are harming the creative industry by using AI generated content – says it has accessed thousands of communications from Disney employees and downloaded "every file possible." The Los Angeles Times notes that companies including Disney, Warner Bros. Discovery and Netflix have come under scrutiny lately amid widespread concerns about the rise of artificial intelligence and the effect of the technology on entertainment workers
ECONOMY
China's economy grows at slower-than-forecast 4.7% in Q2
China's economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter, according to the government. The growth was below the 5.3% pace seen in the first quarter. Weak consumer demand and reduced government spending are dragging on the world's second-largest economy. The economy grew at a 5% pace in the first half of the year, meeting the government's target. The update came as leaders of the ruling Communist Party gathered for a four-day meeting to set economic policy. Recent bright spots suggest growth has stabilised, with higher than expected exports and a rise in factory output. Expanding consumer demand is seen as key to supporting sustained strong growth.
INTERNATIONAL
Amazon Prime Day is a major cause of injuries for warehouse workers, report says
A report released by Senator Bernie Sanders suggests that Amazon's Prime Day sales event has been a major cause of injuries for warehouse workers in the United States. The report, based on a year-long Senate committee investigation and internal company data, highlights highest weekly injury rates during peak shopping times, including the holiday shopping period. The report includes interviews with over 100 current and former Amazon employees. Labour unions and safety experts have long criticised Amazon for prioritising speed and fast deliveries over worker safety. The report alleges that Amazon underreports injuries and fails to provide adequate medical care for workers. Amazon disputes the findings and claims to report every injury that requires more than basic first aid. The company has faced fines and investigations related to worker safety in recent years. The report also accuses Amazon of inadequate staffing during peak shopping times, which the company denies. Despite progress in reducing injury rates, the report paints a one-sided and inaccurate narrative, according to Amazon, which says it has allocated over $750m to safety efforts for this year.
Paris airport workers call off strike ahead of Olympics
Paris airport workers have called off a strike that would have disrupted travel ahead of the Olympic Games. The strike was cancelled after unions secured a standardised bonus for every worker at airport operations company ADP, as well as extras for those helping with Olympic delegations and their baggage. Paris' Charles de Gaulle and Orly airports, operated by ADP, will be the main gateways into France for foreign visitors and athletes. The company has spent €50m upgrading its infrastructure and French authorities are deploying extra resources to ensure a smooth and safe experience. Charles de Gaulle is expecting peaks of 300,000 travellers passing through in a single day.
UK firms look to enhance etiquette
The demand for etiquette coaching has grown significantly in the UK, with experts increasingly helping people improve their posture, greetings, and introductions. Amid this increase in etiquette coaching, companies have started to offer soft skills, networking and manners coaching. These companies include KPMG, which last year introduced extra training for its Generation Z staff as managers felt this band of workers had lost out on vital social experience during the pandemic. The firm has offered classes on presentation and working in teams, alongside other key elements of office life.
OTHER
Cycling to work reduces risk of early death, study finds
People who bike to work are half as likely as non-cyclists to suffer an early death, according to a study from Glasgow University in Scotland. The study, which collected data from over 82,000 people, found that active commuters who either walk or cycle to work have a lower risk of health conditions such as cancer. They are also less likely to be prescribed medication for poor mental health. Cyclists were found to be 47% less likely to die during the 18-year study period and 10% less likely to be admitted to the hospital. The risk of dying from cancer was 51% lower for cyclists. Walking to work also had health benefits, with an 11% lower risk of hospital admission for any cause and a 10% lower risk of hospital admission for cardiovascular disease. However, cyclists were twice as likely as inactive commuters to be admitted to the hospital due to a road traffic accident. The study was published in the journal BMJ Public Health.
 


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