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APAC Edition
20th December 2024
 
THE HOT STORY
Japan brokerages boost pay and perks for retirement-age staff
Japan's leading securities firms are increasing salaries and benefits for workers aged 60 and above, reflecting the urgent need to retain talent in a rapidly ageing society. At Daiwa Securities Group, senior employees in this age bracket have seen an average pay rise of 15% over the past two years. Nomura Holdings has also enhanced benefits, including paid sick leave, to match what younger employees get. “The diverse experience and skill sets of employees at 60 or over are important for our business,” Nomura said. As an example, Japan's biggest brokerage observed that “employees with experience in the world where interest rates are above zero can provide information that is difficult for younger generations to imagine.” As Japan faces a declining fertility rate, employers are being advised to do more to motivate older employees, including setting remuneration in line with performance and job responsibilities, according to a report by business lobby Keidanren. “Redeploying senior people as a workforce will be essential if companies want to stay in business or achieve growth,” said Nobuhiro Maeda, a senior analyst from NLI Research Institute's gerontology promotion office. “Labour shortage problems are expected to become even more dire from now.”
TECHNOLOGY
Employers urged to be aware of Gen Z over-confidence with AI
Employers risk assuming that Gen Z employees are “AI natives,” and must be mindful of Gen Z over-confidence in relation to artificial intelligence (AI) literacy, according to a new EY report developed with support from Microsoft and TeachAI. The How can we upskill Gen Z as fast as we train AI? report uses quiz-style questions to provide insights into the AI aptitude of more than 5,000 Gen Z respondents across 16 countries. The report also reveals that while Gen Z understands which products and tasks benefit from AI, their ability to critically assess the technology falls short. Dan Black, EY Global Talent Strategy Leader, said: “Gen Z are the world leaders of tomorrow and some of today’s leading technology users. With more exposure to AI at the start of their career than any other generation in the workforce, they’re also the most exposed to the impacts of AI. Educators and employers must prioritise skilling this generation in AI literacy, not just around task-driven use but in relation to deeper evaluation and critical thinking for much broader and loftier use.”
LEGAL
Woolworths rebounds after strike
Australian retailer Woolworths is enhancing its supply chains and increasing staff numbers in preparation for Christmas following a recent strike that left shelves bare in Victoria, New South Wales, and the Australian Capital Territory. Approximately 1,500 employees from the United Workers Union reached an agreement with Woolworths after two-and-a-half weeks of industrial action. Paul Harker, Woolworths' chief commercial officer, said: “As part of our recovery efforts, we have identified a number of work streams that will help us deliver Christmas and restore the confidence of customers”. The supermarket chain is implementing extra operating hours and using additional warehouse sites to ensure product availability. Woolworths chief executive Amanda Bardwell confirmed that stock levels are gradually improving, and says the retailer is aiming to provide customers with a satisfactory shopping experience this festive season. The strike reportedly cost Woolworths A$140m in lost sales and additional costs.
China’s food delivery platforms begin to enforce rider breaks
Meituan and Ele.me, China's two major on-demand delivery service providers, have introduced new features that alert or forcibly log out couriers who work excessively long hours, in a bid to prevent rider fatigue. Meituan's system detects prolonged working hours through the courier app, prompting riders to take a break after a certain amount of time, typically longer than 12 hours. If the suggestion is ignored, the app will eventually require the rider to go offline. The platforms are introducing the alert system as food delivery crew, along with Uber-style taxi drivers, bear the brunt of China’s economic slowdown and weakened consumer spending, forcing them to work extremely long hours to make ends meet.
UT power department employees threaten strike
In Chandigarh, the capital of the northern Indian states of Punjab and Haryana, the UT Powermen Union continues its demonstration against the power privatisation company, with rallies held across offices. UT Powermen Union general secretary Gopal Dutt Joshi warned: “If the administration still adopts an adamant attitude, then the employees will boycott work from January 1st 2025.” The union criticised the administration for not addressing service conditions and for allegedly accepting illegal conditions from the private company. They are demanding clarity on issues affecting employees, including transfers and consent regarding employment changes. The administration has imposed the Essential Services Maintenance Act (ESMA) on the UT engineering department, further escalating tensions.
CYBERSECURITY
Chinese cybersecurity centre accuses US of hacking
China's National Computer Network Emergency Response Technical Team has accused the United States of conducting cyberattacks and stealing business secrets from Chinese companies. The report details incidents where American intelligence agencies allegedly targeted a research unit and a hi-tech enterprise, employing methods such as exploiting vulnerabilities in electronic document systems and Microsoft Exchange software. The report noted: “The attacker used a breach in an electronic document security management system to invade the company's server.” In response, the US government has initiated a national security investigation into Chinese router manufacturer TP-Link, following claims that its devices were involved in cyberattacks. China has consistently denied allegations of state-sponsored hacking, and has urged the US to cease its own cyber operations against other nations.
TAX
Thailand expects to collect global minimum corporate tax from New Year
Thai finance minister Pichai Chunhavajira has said Thailand expects to implement a global minimum corporate tax of 15% on multinational companies from January 2025. The country's corporate tax is currently 20%, although businesses receiving incentives from the Thailand Board of Investment can get an exemption of up to 13 years. Indonesia, Malaysia and Singapore have also said they will implement the minimum tax rate in 2025. Vietnam's parliament approved the minimum global tax rate in 2023.
INTERNATIONAL
Amazon workers strike in US
Around 10,000 Amazon workers in New York City, Atlanta, California and Illinois took strike action on Thursday morning, to pressure the online retailer into talks for better pay, safer conditions and longer breaks. The Teamsters union had given Amazon a deadline of Sunday to begin negotiations. Teamsters local unions also put up picket lines at hundreds of Amazon Fulfillment Centers nationwide. Teamsters president Sean O'Brien said: "If your package is delayed during the holidays, you can blame Amazon's insatiable greed." An Amazon spokesperson says the Teamsters are misleading the public and do not represent any Amazon employees, despite any claims, adding that the company doesn't expect operations over the days ahead to be affected.
Portuguese airline TAP must pay retroactive wages to 1,200 cabin staff, court rules
Portugal's Supreme Court has ruled that 1,200 TAP cabin crew members on short-term contracts who were laid off and later reinstated as staff should receive retroactive pay. The decision from Portugal's top court said the carrier must treat the cabin crew members as if they had always been on permanent contracts and compensate them with back salaries dating from the commencement of their employment. Reuters notes that the ruling has a "unifying" character that establishes jurisprudence for future decisions by other courts, in which dozens of cabin crew members have already filed lawsuits against TAP.
UK plans to cut immigration not guaranteed to work, advisers warn
The UK's Migration Advisory Committee (MAC) has said Labour’s plans to boost the skills of British workers “were not guaranteed” to deliver “large falls” in net migration because UK skills shortages were often not a reason for employers recruiting abroad. The MAC's report said that employers would still hire from overseas even when there were enough skilled domestic workers because they “seek the best possible match for their vacancy, which could include international recruits.” The government advisers said it was frequently poor pay and conditions which deterred UK workers from applying for jobs that were filled by skilled foreign staff, and urged Sir Keir Starmer to consider introducing specific measures if he wanted “large falls” in immigration.
Facebook moderators in Kenya take legal action
Former moderators at Samasource, an outsourcing company for Facebook, have come forward with harrowing accounts of their experiences vetting graphic content. Many, including a young mother, have been diagnosed with severe post-traumatic stress disorder (PTSD) after enduring extreme material such as child abuse and murder. Despite claims of support from Meta, the parent company of Facebook, many moderators reported inadequate mental health care. The ongoing legal action by 185 workers alleges violations of Kenyan laws against forced labour and human trafficking, as well as intentional infliction of mental health harm.
OTHER
Geothermal energy is in its infancy - but could surge
Geothermal energy - thermal energy extracted from the Earth's crust - could provide a stable source of power equal to the demands of India and the United States combined, the International Energy Agency (IEA) has said in its first report on the source. IEA Executive Director Fatih Birol said geothermal energy is suited to providing the massive amounts of stable energy that data centres need. "The new structure of geothermal is very similar to the oil and gas revolution. We see that the new technologies are unlocking the global potential with the so-called horizontal drilling and hydrofracking as used in shale," Birol said. "One of the drivers of this appetite for geothermal energy is the need for electricity for data centres. When you look at the United States, there is a big push for data centres, which want 24/7 electricity, making geothermal a good fit."
 


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