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APAC Edition
25th November 2024
 
THE HOT STORY
Former PwC Australia partner points the finger in tax scandal
A former PwC Australia partner has revealed for the first time the identity of a key international figure in the firm allegedly linked to its tax leaks. Paul McNab alleges PwC International Washington National Tax Services partner Matthew Chen received allegedly confidential Australian government tax information in 2014 in part of a suite of emails detailing reform plans. Mr McNab was removed from PwC’s partnership retirement scheme in the wake of public revelations about the tax scandal, and he launched legal action in an ­attempt to clear his name and ­restore his benefits. PwC has previously admitted at least six members of the international arm of the firm received information from former tax partner Peter Collins connected to the tax scandal, but noted they did not know it was confidential. The firm said these staff “should have raised questions as to whether the information was confidential,” noting some had been disciplined but they remained with the firm.
HIRING
Over 75% of Malaysian firms look for AI literacy in prospective employees
In the evolving job market, artificial intelligence (AI) literacy has become crucial for graduates, with over 75% of employers reportedly prioritising candidates who are proficient in the technology. Sammy Chan, head of marketing at Jobstreet by SEEK, highlighted that “this shift is reshaping job opportunities across various sectors.” The Decoding Global Talent Report 2024: GenAI Edition indicates that 79% of Malaysian professionals expect changes in their roles due to AI integration. While some sectors, like legal and healthcare, feel less impact, Chan noted that “AI should not pose a threat to fresh graduates.” Instead, she emphasised the importance of developing uniquely human skills alongside AI fluency, stating that “57% of workers are eager to upskill and stay competitive.” Dr Nurhidayah Bahar from Universiti Kebangsaan Malaysia echoed this sentiment, asserting that AI is more of a collaborator than a competitor, and will enhance human capabilities rather than replace them.
Korea eases health checks for food workers
The Korean government has announced a significant easing of medical examination requirements for foreign workers in the local food industry, allowing them to use only their passports for health screenings. Previously, candidates had to wait three to four weeks for a residence card from the Ministry of Justice. The new measure aims to expedite the hiring process, enabling foreign workers to join the workforce more swiftly, particularly in the under-staffed food sector. The Ministry of Food and Drug Safety plans to pilot the scheme after a review in December, with legal amendments expected by mid-next year.
WORKFORCE
Mosaic Brands' collapse threatens Bangladesh garment workers
The future of the Padma Satel Arab Fashions factory in Bangladesh is uncertain following Mosaic Brands' default on A$2.5m in payments. The Australian parent company of several fashion labels has entered voluntary administration, affecting 23 factories owed over A$30m. Jabed Ahmed, director of Padma Satel, said: "If I don't get the money from Mosaic, I don't think we can survive". With 80% of the 4.4m garment workers in Bangladesh being women, the situation is dire. Yasmin Laboni, a garment worker, expressed her fears about providing for her children, warning that "Everyone will be affected by this non-payment". The Bangladesh Garment Manufacturers and Exporters Association has called for accountability, highlighting the hypocrisy of Australian brands that demand compliance from Bangladeshi factories while failing to meet their own obligations. Oxfam Australia noted that workers are already paid poverty wages, and that Mosaic's actions mean they have essentially worked for free.
STRATEGY
Ola Electric to cut 500 jobs
Bangalore-headquartered electric two-wheeler maker Ola Electric is set to lay off nearly 500 employees as part of a restructuring effort aimed at enhancing margins and profitability. The decision follows a similar restructuring at sister company, Ola Consumer, which affected about 10% of its workforce. The company, led by Bhavish Aggarwal, has faced challenges, including a reported net loss of ₹ 495 crore in the second quarter. Additionally, Ola Electric has been struggling with after-sales service, receiving around 80,000 consumer complaints monthly. Despite these issues, the company plans to expand its service infrastructure from 782 stores to 2,000 by March 2025. The Central Consumer Protection Authority has also initiated a probe into the company's service deficiencies.
TECHNOLOGY
KPMG to spend $100m on AI partnership with Google Cloud
KPMG will invest $100m over the next four years to enhance its enterprise artificial intelligence (AI) services through a partnership with Google Cloud. Steve Chase, vice chair of AI and innovation at KPMG, said: "We believe that professional services is going through the largest transformation that it will likely ever go through." A recent KPMG poll indicated that around 50% of business leaders plan to allocate $100m towards AI initiatives within the next year. Google's president of revenue for its cloud division, Matt Renner, predicted that the three major cloud companies — Amazon, Microsoft and Google — and most professional services firms would continue to "grow pretty exponentially together."
REMUNERATION
What’s behind the lesbian pay premium?
After decades of earning more than heterosexual women, the lesbian wage pay premium seems to have fallen, writes the FT's Soumaya Keynes. The gay men's penalty is stable, she notes.
TRAINING & DEVELOPMENT
California keeps #1 ranking for international student enrollment
For the first time since 2009, students from India have surpassed those from China as the leading international group in U.S. colleges and universities, according to the Institute of International Education's latest report. The total number of international students in the U.S. reached over 1.1m, marking a 7% increase from the previous year. California remains the top destination, with institutions like USC and UCLA attracting the largest international populations. Gaurav Khanna, an economist at UC San Diego, noted: “Chinese student flows may stay low under Trump and, for Indians, it depends on what happens to H1B policy.” The report highlights a significant increase in Indian students participating in Optional Practical Training, contributing to their rise in numbers.
INTERNATIONAL
Policy shifts acknowledge Europe's need for immigrants
As European nations grapple with worker shortages due to aging populations, they are increasingly turning to foreign talent despite rising anti-immigration rhetoric. The European Union has identified 42 occupations facing labour shortages and is implementing strategies to attract skilled workers. Italy, for instance, plans to recruit 452,000 foreign workers from 2023 to 2025, and has acknowledged a need for 833,000. Similarly, Germany aims to issue 200,000 visas for skilled workers this year, with Chancellor Olaf Scholz highlighting the need for foreign talent. Meanwhile, Netherlands-based ASML says its success depends on talented people, wherever they come from. "We have built our company with more than 100 nationalities," chief executive Christophe Fouquet said last month. "Bringing talent from everywhere has been an absolute condition for success, and this has to continue."
City of London remains committed to diversity initiatives
The Telegraph reports on how UK financial firms are sticking with diversity, equity and inclusion (DEI) programmes despite being forced to cut costs. This contrasts with US companies, which have been ditching diversity schemes at a rate that is only set to increase under President-elect Donald Trump’s administration. The Investment Association polled 58 investment and fund managers which collectively employ 81% of the 45,800 people directly employed by the industry. “The data show that reducing spend on [DEI] related initiatives has not been used by responding firms despite cost pressures,” the report observed, adding that this suggests “fostering [DEI] remains an important strategic objective for investment managers.” Law firm Linklaters predicts that Labour’s overhaul of workers' rights “could spark a renewed wave of enthusiasm for DEI” as new laws will allow unionised staff to take part in diversity programmes during working hours.
Can UAE employees ignore work calls after hours?
Khaleej Times speaks with HR law expert Hadiel Hussien and several working professionals about the legal and cultural impact of after-hours workplace communication at a time when the boundaries between work and personal life are becoming increasingly indistinct. A recent survey indicated that half of UAE employees feel pressured to engage with work-related messages after hours. The UAE Labour Law does not explicitly give employers the right to contact staff outside official hours, unless specified in the employee’s contract or if formal overtime instructions are issued, observes Hussien, who is senior associate at BSA Law. In the absence of such provisions, employees are not legally obligated to respond outside regular working hours, she says.
No degree, no problem: US employers look beyond college credentials
The FT reports on how skills-based hiring has gained momentum as a tighter US labour market has pressured employers such as IBM, GM and Walmart to put less emphasis on degrees.
OTHER
Australia introduces 'landmark' social media ban for under-16s
Australia's federal government has unveiled new legislation to ban social media access for individuals under 16 years old. Minister for Communications Michelle Rowland stated: "This reform is about protecting young people and letting parents know we've got their backs". The proposed laws will impose fines of up to A$50m on platforms that fail to comply. Under the new rules, social media companies will be responsible for preventing underage accounts, and parental consent will not be permitted. The legislation aims to ensure the safety and mental health of young Australians, with the ban expected to take effect 12 months after passing parliament. Australia would become the first country to implement such an age restriction, with trials for age verification already underway.
 


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