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APAC Edition
18th December 2024
 
THE HOT STORY
Singapore salary increments in 2025 expected to range from 2% to 5%
In Singapore, employees can anticipate salary increases ranging from 2% to 5% in 2025, according to recent surveys by HR firms. Cheng Wan Hua, director of talent analytics for South-east Asia at Aon, said: “Companies are opting for targeted salary increases to navigate uncertain times.” Aon’s report indicates that Singaporean employees are expected to receive an average pay rise of 4.4%, which is lower than in countries like Vietnam, where increases may reach 6.7%. Mercer also predicts a 4% increase for Singaporean employees. The healthcare and technology sectors are expected to see above-average increases due to rising demand, while special education teachers may receive up to 12% increases. Despite economic uncertainties, many employers plan to offer bonuses, with 35% intending to provide bonuses of one to 1.5 months' salary. Linda Teo from ManpowerGroup observed: “Employers are calibrating their compensation strategy to help employees cope with the higher cost of living.”
TAX
Australia wants to tax tech giants if they don't pay news outlets
The Australian government has announced plans to implement a new tax on Big Tech firms including Meta and Google if they do not compensate local news media for content that drives traffic to their platforms. Starting January 1, companies with Australian revenue exceeding A$250m ($160m) will face tax penalties unless they enter commercial agreements with local media. Communications Minister Michelle Rowland said that digital platforms must support quality journalism "that informs and strengthens our democracy.” The tax aims to bolster traditional media struggling with declining advertising revenue at a time when news companies have shed hundreds of jobs. Assistant Treasurer Stephen Jones clarified that the goal is not to generate revenue but to encourage agreements between platforms and news organisations.
LEGAL
Hong Kong parents can now check tutors' records
In a significant update to the Sexual Conviction Record Check scheme, Hong Kong parents can now voluntarily verify if self-employed tutors and coaches have any convictions for sex offences. The initiative aims to enhance protections for children and individuals with mental disabilities. A government spokesman said: “The ultimate goal is to expand the Sexual Conviction Record Check scheme to its fullest to cover all existing employees and self-employed persons.” The scheme, which began in 2011, allows parents to act as employers in this context, ensuring that those who work with vulnerable groups are properly vetted. The validity of applications has also been extended from 18 months to 36 months to reduce the need for frequent renewals.
Tax office whistleblower in negotiations for plea deal
Richard Boyle, a whistleblower who exposed unethical practices at the Australian Taxation Office, is negotiating a plea deal with prosecutors to avoid conviction. Facing 24 charges, including illegal recordings and mishandling sensitive information, Boyle could face decades in prison if found guilty. His legal team aims to finalise a deal before the case returns to the South Australian District Court in February 2025. Transparency advocates argue that prosecuting Boyle undermines democracy and deters future whistleblowers. Kieran Pender from the Human Rights Law Centre said: "It was wrong Boyle . . . was being prosecuted not for public whistleblowing but for gathering evidence." The attorney-general is considering reforms to enhance whistleblower protections in Australia.
STRATEGY
Yahoo slashes cybersecurity team by a quarter
Yahoo has laid off approximately 25% of its cybersecurity team, known as The Paranoids, resulting in the loss of 40 to 50 employees from a total of 200 since the beginning of 2024. Valeri Liborski, Yahoo's chief technology officer, acknowledged the difficult nature of the decision in an email to staff. The layoffs included the complete elimination of the so-called red team, which conducted cyberattack simulations to identify vulnerabilities. Yahoo spokesperson Brenden Lee said: “Yahoo's security program has matured significantly over the past seven years and is widely recognised as a world-class, industry-leading operation. As part of this evolution, we've made strategic adjustments, including transitioning offensive security operations to an outsourced model . . . This change reflects the sophistication of our program and enables us to concentrate resources on critical security priorities, maintaining the highest standards of protection for our users and platforms.” Overall, Yahoo laid off over 1,600 employees last year, or about 20% of its workforce, as part of a plan to enhance profitability.
Tata Starbucks delays new openings
Tata Consumer Products is postponing some new Starbucks store openings in India due to a decline in customer footfall, according to chief executive Sunil D'Souza, who said: "We will calibrate for the short term — maybe instead of opening 100, we will open 80 now." Despite this, Tata Starbucks aims to achieve its goal of operating 1,000 stores by 2028. The company has seen a 12% increase in sales, reaching 12.18bn Indian rupees ($143.6m) last financial year, although its net loss widened to 800m rupees. Mr D'Souza highlighted challenges in finding quality real estate, contrasting India's situation with the rapid mall development in China. He remains optimistic about the long-term growth of coffee culture in India, despite current pressures from rising raw material costs.
WORKFORCE
Investors focus on human capital reporting
Global rulemakers have highlighted that investors are increasingly concerned about human capital issues, particularly regarding working conditions and health and safety. The International Sustainability Standards Board (ISSB) revealed that there is substantial evidence linking human capital to firms' performance and share prices. The ISSB is currently researching human capital reporting, which involves how companies value and disclose their employees' experience and knowledge. The initiative is part of a broader effort; the ISSB's first two sets of rules on climate and general sustainability reporting take effect this year, with around 30 jurisdictions considering their implementation.
RISK
Late UnitedHealthcare CEO was worried about firm's image
The Washington Post reports that earlier this year, UnitedHealthcare chief executive Brian Thompson had warned his colleagues that the US insurance company had a public relations problem. In internal discussions and with his fellow executives, Thompson argued that average Americans did not understand the firm's role in the nation's health system, including steps it had taken to eliminate out-of-pocket costs for lifesaving drugs. Instead, UnitedHealthcare and parent UnitedHealth Group were embroiled in investigations and faced incipient consumer anger amid claims they profited by denying health care to the ill and elderly. "He understood that the public was frustrated with what they perceived the company's actions to be," said one person who spoke with Thompson. "He was actively articulating a vision that helped better educate and help people better understand what the company is doing." But patient advocacy groups contend that UnitedHealthcare under Thompson denied too many requests for care. "We've been working for two years on the issue of care denials, and the research shows that almost every family in the US will experience the outrage of having a doctor prescribe a treatment only to have an insurance company like UnitedHealthcare get in the way," Sulma Arias, executive director of People's Action Institute, said in a statement last week.
TECHNOLOGY
Bosses struggle to police workers’ use of AI
Employers are scrambling to keep up as workers adopt generative AI at a much faster pace than corporate policies are written, and in the absence of comprehensive training or cybersecurity protection.
INTERNATIONAL
US Senate report claims Amazon disregards link between worker speed and injuries
According to a U.S. Senate committee report, at least two internal studies by Amazon have established a connection between worker speed and injuries in its warehouses. The report, compiled by the Democratic majority staff of the Senate Committee on Health, Education, Labor, and Pensions, highlights that Amazon rejected numerous safety recommendations due to concerns about productivity. The report states that “the likelihood of back injury increases” with the number of items picked, and identified an upper limit on repetitive movements - 1,940 - per 10-hour shift. Despite findings from Amazon's internal Project Elderwand and Project Soteria probes, which suggested policy changes to enhance worker safety, the company opted not to implement them, citing potential negative impacts on productivity. The report also alleges that Amazon manipulates injury data to present a safer image of its warehouses. “In its endless pursuit of profits, Amazon sacrifices workers’ bodies under the constant pressure of a surveillance system that enforces impossible rates," committee chair Bernie Sanders (I-VT) said in a statement, an allegation rejected by Amazon, which said the report "is wrong on the facts and weaves together out-of-date-documents and unverifiable anecdotes to create a pre-conceived narrative."
Congo files criminal complaints against Apple over conflict minerals
Congo has filed criminal complaints against Apple subsidiaries in France and Belgium, alleging the use of conflict minerals in the company's supply chain. The complaints, prepared by lawyers for Congo's justice minister, accuse Apple of covering up war crimes and laundering tainted minerals. "It is clear that the Apple group . . . knows very well that their minerals supply chain relies on systemic wrongdoing," the French complaint said. Congo's lawyers argue that Apple is complicit in crimes due to its reliance on minerals sourced from artisanal mines controlled by armed groups. The complaints highlight the historical context of Belgium's involvement in Congo's resource exploitation and call for judicial accountability. The U.S. State Department has also expressed concerns about the illicit trade in minerals from Congo financing conflict.
OTHER
Electric rice cookers grow in popularity among Japan's consumers
Japan's home appliance manufacturers are expanding their electric rice cooker offerings as consumer interest shifts. To boost rice consumption, companies like Mitsubishi Electric are collaborating with rice growers and launching premium models. The Okome Juku project, initiated by Mitsubishi Electric, involves employees learning about rice cultivation to promote their high-end cookers, which are priced around ¥100,000 ($670). Despite a decline in shipments, valued at approximately ¥100bn, high-end models are sustaining sales. Panasonic has introduced an IoT-connected rice cooker, while Iris Ohyama aims to attract younger consumers with simple designs and advanced features. An Iris Ohyama spokesperson observed: “We hope to encourage more rice consumption by making use of our know-how on rice processing and home appliance manufacturing”.
 


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