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APAC Edition
15th October 2024
 
THE HOT STORY
India's internship scheme takes off with 1.55 lakh applications
The Prime Minister Internship Scheme, introduced by India's Finance Minister Nirmala Sitharaman in the recent Union Budget, has seen remarkable interest, with over 1.55 lakh applications submitted within the first 24 hours of its launch on October 12. The government has allocated ₹800 crore for this initiative, with the first group of interns expected to commence in early December. Candidates aged 21-24, holding qualifications from high school diplomas to undergraduate degrees, can apply until November. The internships span 24 sectors, including oil, gas, energy, and banking, across 737 districts in 37 states and union territories. Notable companies like Maruti Suzuki, Reliance Industries, and Larsen & Toubro are already offering positions, providing young individuals a chance to gain valuable experience.
WORKFORCE
Women in Korea break employment record
Recent data from Statistics Korea reveals that the number of employed women in Korea has surpassed 10m for the first time, marking a significant milestone in female economic participation. The growth reflects a 17.7-fold increase in female employment since 1963, compared to a 6.6-fold increase for men. Women now represent 46.1% of the 22.02m paid workers in Korea. However, despite these advancements, Korea still faces challenges with a gender wage gap of 31.2%, the highest among OECD countries, where women earn only 68.8% of what men make.
China opens doors for civil service
China's central ministries are set to recruit 39,700 civil servants starting from Tuesday, with registration for the examination open until October 24. The written exam is scheduled for December 1 in various designated cities. Of the available positions, approximately 27,500 are aimed at county-level or township authorities, with more flexible requirements for candidates in remote areas. Additionally, over 3,000 roles are reserved for demobilised military members who have completed undergraduate education and served for over five years. The National Civil Service Administration emphasises the importance of honesty during the examination process, stating, "Government will tighten supervision over the market and have no tolerance to cheating during the exam." Out of the total positions, 26,700 will recruit new college graduates.
TikTok cuts hundreds of jobs in shift towards AI content moderation
TikTok is cutting hundreds of jobs from its global workforce as part of its transition to a more artificial intelligence-driven content moderation model.  Sources familiar with the matter earlier told Reuters that more than 700 jobs were being cut in Malaysia. The ByteDance-owned social media giant later clarified that less than 500 employees in the country were affected. The employees were informed of their dismissal by email late Wednesday, the sources said. "We're making these changes as part of our ongoing efforts to further strengthen our global operating model for content moderation," a TikTok spokesperson said in a statement. TikTok employs a mix of automated detection and human moderators to review content posted on its site.
Banks face strike over staffing crisis
The All India Bank Employees' Association (AIBEA) has announced plans for a nationwide agitation, including strikes, to demand increased recruitment in banks and to oppose outsourcing. General secretary CH Venkatachalam highlighted the critical need for adequate staffing, stating: "Banks are meant to serve the people, and it requires adequate staff." He noted that over 100,000 positions remain unfilled, which hampers customer service. Venkatachalam also condemned government policies that favour large loan defaulters, revealing that banks have written off bad loans amounting to Rs 10 lakh crore in the past decade. He urged the government to publish a list of major defaulters and emphasised the need for a people-oriented banking policy. AIBEA will convene soon to finalise the details of the planned agitation.
Himachal youth land jobs in Saudi Arabia
In a groundbreaking initiative, five individuals from Himachal Pradesh have secured employment in Saudi Arabia through the state's overseas placement programme. Salim Baig, executive director of Express Forwarding Services (EFS), confirmed the placements, stating: “They have shown great promise, and we believe they will contribute effectively to the operations.” The recruits completed their training in Aligarh on August 27, 2024, focusing on logistics and supply chain skills. This initiative stems from Chief Minister Sukhvinder Sukhu's visit to Dubai in December 2023, where the government sought to create job opportunities for local youth in high-demand sectors like logistics and hospitality in the Middle East.
DIVERSITY, EQUITY & INCLUSION
Women builders reshape HK construction industry
The construction industry in Hong Kong is witnessing a significant shift as more women take on leadership roles, challenging traditional gender norms. Doris Yeung Man-shun, a contractor, expresses pride in her work, stating: “I’m with my clients every step of the way.” This trend is not limited to Hong Kong; countries like Britain and Australia are also seeing increased female participation in engineering and construction. Ketty Shan, founder of Atelier Shan, notes that half of the contractors she collaborates with are women, highlighting their strong communication skills that enhance client satisfaction. Despite the progress, there remains a shortage of skilled workers, with an estimated 40,000 needed in the next three years. Thomas Ho On-sing, chairman of the Construction Industry Council, emphasises the importance of attracting women to fill this gap, stating: “It’s clear that we are running short of skilled workers.” The industry is evolving, with digital transformation paving the way for a more inclusive workforce.
HEALTH & WELLBEING
Toxic work cultures under scrutiny
The tragic death of EY employee Anna Sebastian Perayil has ignited discussions about the toxic work cultures prevalent in many organisations. Her experience resonates with numerous corporate employees, prompting questions about the balance between work demands and mental health. Chhaya Sarma, head of human resources at Axio, emphasised: "In today's fast-paced world, prioritising mental health is vital." Meanwhile, Satish Kannan, co-founder and chief executive at MediBuddy, highlighted that 62% of Indian workers report experiencing burnout, significantly higher than the global average of 20%. Companies like Meesho are taking steps to address these issues, offering extended leave for employees to recharge. Experts stress the importance of fostering a supportive environment to prevent burnout and promote overall well-being, urging organisations to embed mental health initiatives into their cultures. As Romita Mukherjee, head of people and culture at Whatfix, stated: "Mental health is the cornerstone of a thriving organisation." Ultimately, both employers and employees must prioritise mental health to create healthier workplaces.
CORPORATE GOVERNANCE
Wong takes helm at SFC
Kelvin Wong Tin-yau has been appointed as the new chairman of Hong Kong's Securities and Futures Commission (SFC), succeeding Tim Lui. Wong, who will begin his three-year term on October 20, is the first former executive of a listed company to lead the SFC. He stated, “I am honoured to be appointed as chairman of the SFC, a leading global securities regulator,” emphasising the need to foster a sustainable and vibrant capital market. Wong will continue to serve as chairman of the Accounting and Financial Reporting Council (AFRC) until the end of this year. Financial Secretary Paul Chan praised Wong's contributions to the financial services industry, highlighting his extensive experience in regulatory matters. Wong's previous tenure at the SFC as a non-executive director from 2012 to 2018 positions him well for this new role, where he aims to ensure the fair and transparent operation of the local markets.
CORPORATE
Korean firms' overseas tax payments reach record high
According to Rep. Cha Gyu-geun of the Rebuilding Korea Party, Korean corporations paid a record 7.64tn won ($5.6 bn) in foreign taxes last year, marking a significant increase from previous years. The top ten firms contributed 3.05tn won, which accounted for 42.7% of total corporate taxes in Korea. The trend is attributed to the growing number of companies establishing production systems overseas, driven by global protectionism and rising trade barriers. Cha expressed concerns about the potential weakening of the domestic tax base, saying: “While domestic companies' overseas expansion is not inherently problematic, there are concerns that it may weaken the domestic tax base.” He suggested considering a baseline tax on foreign tax deductions to address the issue.
TRAINING & DEVELOPMENT
Boosting job prospects for students
Korea's Ministry of Education and the Ministry of SMEs and Startups have signed a memorandum of understanding (MOU) to enhance employment support for international students and foster research collaborations. The MOU, established at Sunchon National University, aligns with the Regional Innovation System & Education (RISE) project, which encourages local governments to partner with universities to improve educational systems. The SMEs Ministry will launch a career-matching platform to assist international students in finding jobs post-graduation, particularly in their regions of study. Education Minister Lee Ju-ho stated: "We plan to create more partnerships with other relevant organisations," highlighting the initiative's broader goals. Additionally, the ministries will promote entrepreneurship programmes and facilitate joint research projects to strengthen ties between universities and local businesses. Sunchon National University will also collaborate with the South Jeolla government to focus on smart farm technologies, animation production, and aerospace technology.
FMM and Singapore Polytechnic unite for future
The Federation of Malaysian Manufacturers (FMM) has partnered with Singapore Polytechnic to enhance industry-academia collaboration, focusing on training future IT talents and advancing research projects. A Memorandum of Understanding (MoU) was signed at the Industrial Transformation Asia-Pacific (ITAP) 2024 event, with Deputy Prime Minister Heng Swee Keat in attendance. Georgina Phua, deputy principal of development at Singapore Polytechnic, stated, “This collaboration is a major step toward Industry 4.0,” emphasising its role in boosting workforce capabilities and economic ties. The partnership aims to equip graduates with skills in automation, data analytics, and smart manufacturing, supporting the Johor-Singapore Special Economic Zone initiative. FMM president Soh Thian Lai highlighted the collaboration as pivotal for modernising Malaysia's manufacturing sector, aligning with the New Industrial Master Plan (NIMP) 2030. This MoU is part of several partnerships signed by Singapore Polytechnic at ITAP 2024, aimed at fostering talent development across industries.
Ericsson launches game-changing talent programme
Ericsson has unveiled the EricssonEdge Academia Program, aimed at transforming early career talent development in the telecommunications sector across Southeast Asia, Oceania, and India. With the rapid evolution of technologies like 5G, artificial intelligence, and IoT, the initiative is designed to equip students with vital skills for the telecom industry. Over six months, participants from over 40 leading universities will engage in a mix of in-person and online learning, guided by Ericsson's industry experts. Priyanka Anand, vice president and head of people for Southeast Asia, Oceania & India at Ericsson, stated, "The EricssonEdge Academia Program exemplifies how the industry can collaborate with academia to develop the next generation of telecom professionals." The programme not only enhances students' employability but also strengthens the telecom ecosystem by preparing a future-ready workforce.
 


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