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APAC Edition
27th August 2024
 
THE HOT STORY
Australia give workers the 'right to disconnect' after hours
Australia has implemented a new "right to disconnect" law, allowing employees to ignore work communications outside of their scheduled hours without fear of punishment. The legislation aims to protect personal time, especially as the line between work and home life has blurred since the COVID-19 pandemic. The law aligns Australia with about two dozen other countries that have similar regulations. The rule still allows employers to contact their workers, who can only refuse to respond where it is reasonable to do so. Determining whether a refusal is reasonable will be up to Australia's industrial umpire, the Fair Work Commission (FWC), which must take into account an employee's role, personal circumstances and how and why the contact was made. Critics, including the Australian Industry Group, have expressed concerns about potential confusion and reduced job flexibility. However, Michele O'Neil from the Australian Council of Trade Unions believes the law will encourage better communication practices among employers.
WORKFORCE
Global youth unemployment hits 15-year low
Despite a global youth unemployment rate of 13% in 2022, the International Labor Organization (ILO) highlights the need for better job quality and security. The report indicates that while the rate has decreased from 13.8% in 2019, many young people still face challenges in accessing decent jobs. Over half of young employees are in informal roles, with low-income economies seeing three-quarters in temporary or self-employed positions. The ILO calls for "increased and more effective investment" and improved international cooperation to address employment inequality. In response, China has initiated a campaign to create over 10m job openings for youth, with local authorities actively organising job fairs and internships. Guo Sheng, CEO of Zhaopin, emphasises the importance of young job seekers understanding their skills and market demands.
Shein uncovers child labour, steps up audits
In its 2023 sustainability report, Shein disclosed two instances of child labour at its suppliers, prompting the company to enhance its auditing processes in China. Following the discovery, Shein suspended orders from the implicated suppliers until they improved their practices, including verifying workers' identities. Annabella Ng, senior director of global government relations at Shein, said: "We remain vigilant in guarding against such violations going forward." The report also highlighted a significant increase in audits, with 3,990 conducted in 2023, compared to 2,812 in 2022. Despite the child labour findings, Shein reported fewer serious violations overall. The company is preparing for a potential initial public offering in London, with CEO Sky Xu stressing the importance of improving supply chain governance and managing carbon emissions.
HEALTH & WELLBEING
Pinsent Masons trials burnout alerts for lawyers
Following the death of UK based partner Vanessa Ford, Pinsent Masons is implementing a new time-tracking system to alert management about employees working excessive hours. The initiative aims to address the intense workloads and stress faced by lawyers, particularly after the coroner's court ruled that Ford's death was linked to a mental health crisis exacerbated by long working hours. Pinsent Masons, which employs 3,000 staff globally, hopes that the time-tracking technology will enhance visibility of workloads and facilitate better distribution of tasks among lawyers. A spokesperson said: "It is still early days, but using technology like this will help increase our visibility of colleague workloads."
TAX
India urged to simplify income tax for citizens
Indian Finance Minister Nirmala Sitharaman has called for a significant overhaul of the Income Tax Department to enhance taxpayer services and simplify the tax process. During the department's 165th anniversary, she said: "I would honestly say we should look for simpler ways of talking and communicating with our assesses." Sitharaman emphasized that taxpayer compliance relies on the clarity and ease of the system, urging for a simplification of the language used in tax notices. She announced that within six months, parts of the Income Tax Act would be rewritten in straightforward language. A committee within the Central Board of Direct Taxes (CBDT) is working on this initiative, aligning with the prime minister's vision for seamless tax administration. Additionally, she urged the department to expedite the resolution of tax appeals to provide timely relief to taxpayers.
CORPORATE
Workday beats revenue estimates on payroll services demand
Workday has exceeded Wall Street expectations for second quarter revenue, reporting total revenue of $2.09bn, surpassing estimates of $2.07bn. The company also announced a $1bn stock buyback plan, leading to an 11% increase in its shares during extended trading. Despite rising corporate spending on human resource and payroll services, Workday's outlook was tempered by lower hiring rates, and it forecast third quarter subscription revenue of $1.96bn, slightly below the expected $1.97bn. CFO Zane Rowe said: "We see a macroeconomic environment consistent with last quarter," indicating challenges ahead. However, the company raised its full-year adjusted operating margin forecast to 25.25% from 25%. Michael Ashley Schulman, chief investment officer at Running Point Capital, highlighted a "17% increase in subscription revenue" as a positive sign in the management's outlook.
LEADERSHIP
Starbucks CEO faces backlash over commute
Brian Niccol, the newly appointed CEO of Starbucks, is facing criticism for his decision to commute nearly 1,000 miles from Newport Beach, California, to Seattle using a corporate jet. Critics argue that this contradicts Starbucks' public commitment to sustainability and raises questions about whether Niccol will adhere to the company's hybrid work policy, which requires employees to be in the office at least three days a week. Niccol's employment terms allow for the use of company aircraft for business travel, and he will also have access to a remote office in California. His annual base salary is set at $1.6m, with potential bonuses and stock options that could significantly increase his earnings.
Bank of China president resigns
Bank of China has announced that president Liu Jin has stepped down due to personal reasons, with chairman Ge Haijiao to step in as acting president. Liu had been president of the bank since April 2021. He previously served as president of China Everbright Bank and vice president of policy lender China Development Bank. A filing to the Hong Kong exchange said there was no disagreement with the board and there are no matters that need to be brought to the attention of shareholders.
INTERNATIONAL
Foreign workers prevented from leaving Lebanon
Many foreign workers who are fearful of an all-out war in Lebanon are trapped there because of the “kafala” sponsorship system, which restricts their ability to leave without employer consent. Despite official advice from countries including the US and UK urging citizens to evacuate, many workers face challenges such as employers withholding passports and exorbitant flight costs. Banchi Yimer, an advocate for Ethiopian workers, highlights the dire situation, noting that many are not receiving salaries amid Lebanon's economic crisis. Meanwhile, the Kenyan government is preparing to issue emergency travel documents for those without passports, but many workers feel abandoned and are struggling to afford flights home.
Vatican employees voice concern over job cuts
The Association of Lay Vatican Employees (ADLV) has raised concerns regarding recent cuts and outsourcing policies that threaten job stability within the Holy See. Their document highlights that personnel spending cuts have not led to "a radical improvement to the financial situation of the Holy See" and criticises the freeze on promotions, new hires, and overtime pay. The ADLV questions the implications of an "announced salary reform" and the potential impact on pensions. The association also expresses its discontent over the lack of meritocracy in promotions and the outsourcing of resources, stating it transforms "a small community inspired by the values of the Gospel into a business." The document concludes with a stark warning: "Discontent is growing mercilessly."
Patagonia gives US staff time off to vote early
Patagonia is giving its US workforce the day off on October 29th to vote early. The outdoor retailer has closed its stores, warehouses and offices on Election Day since 2016, but is switching dates this year to let its nearly 2,000 US workers vote early or volunteer, through a partnership with the League of Conservation Voters. In the 2020 election, Patagonia management gave employees four days paid leave to serve as poll workers. While on the job, staff members were given time to write letters and text encouragements to get out and vote. The company plans to provide similar allowances this year.
OTHER
Thais lose 65bn baht to online fraud
The Thailand Consumers Council (TCC) is set to host the Asean+3 Conference Thailand 2024, focusing on "Consumer Protection in the Digital Economy and AI" on August 29th and 30th. TCC secretary-general Saree Aongsomwang highlighted that Thais have lost 65bn baht annually to online scammers over the past three years, equating to 180m baht daily. The conference aims to enhance collaboration among consumer protection agencies from Asean countries and their partners, addressing the threats posed by the rapidly evolving digital economy and artificial intelligence.
 


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